Interims are in line and show strong growth from key product lines, which bodes well for future sustainable growth. Having already rebased our FY23 estimates to remove any contribution from the delayed South Bend facility, we reintroduce FY24 & FY25 forecasts to reflect the revised schedule of revenues ramping up. These show group revenues on an improving trend and EBITDA margins strengthening towards 22%. The shares trade on an FY24 EV/EBITDA multiple of sub-10x, falling to 8x in FY25. There is ....
