SUN generated record revenues in FY23 and demand drivers remain strong. Operational issues impacted profitability, but self-help measures are underway to restore margins and the platform is in place from which the business can be scaled from here. We make no change to our forecasts at this stage and continue to view the shares as being significantly oversold at current levels. Successfully restoring margins and accelerating top line growth would result in material value creation from current depressed levels. We stay at Buy with a TP of 2p.
