We update our estimates and valuation following recent positive full year results. The Group is eighteen months into its corporate transformation programme; financial performance is stronger, balance sheet leverage has reduced, and the order book is at record levels. Our FY25-26E earnings estimates are largely unchanged but net debt is significantly lower reflecting a predicted improved working capital position. We lift our valuation to 1,450p from 1,300p. The outlook is positive, with a record ....
