We met with the recently-promoted CEO, Mark Belton, yesterday to run through last month’s interim results. We have updated our forecasts for these and for the Kuhlmann acquisition it made in October. The adj. PBT and EPS increases are despite the adverse currency movements and euro weakness in particular. We continue to believe that Trifast is fundamentally undervalued and maintain our 185p DCF-derived target price. With potential for further EPS-enhancing deals in due course, we keep o
