CVS has issued a directionally positive AGM update, with three key points. (1) LFL growth of c.2.5% marks a satisfactory start to FY26, albeit a touch soft given last year’s easy 0% comp, reflecting a still-cautious UK consumer backdrop. (2) No further Australian M&A additions since the Sep finals, with FY26 YTD spend unchanged at £23.6m; the pipeline remains strong. (3) Management has reiterated full-year expectations and we make no forecast changes. Shares have now surrendered all CMA-related gains due to technical selling linked to the planned Main Market move. At current levels the entry point looks compelling, with CVS trading on 13x FY26 P/E (12.5x FY27) and 8x EV/EBITDA (7x). We reiterate our Buy and 1,435p TP.
