With 50% of our FY25E Adj EBITDA forecast covered in H1, AMS looks to be well on track to meet expectations. Despite some puts and takes at the revenue line, which is to be expected across an enlarged portfolio, we do not expect to make any material change to forecasts. The valuation continues to hover around 10-year lows, which we continue to view as a Buying opportunity ahead of an expected FCF inflection in FY27E. This is expected to drive rapid deleveraging and will be accompanied by margin improvement as cost and revenue synergies are realised. We stay at Buy, with a 252p TP.
