Trading at MJ Hudson (MJH) has improved steadily since its March nadir, and visibility has improved. As such, we are reinstating forecasts, with Adj EBITDA of £5.5m and £6.7m in FY21E and FY22E respectively. We believe that MJH's material discount to its core peers (c30%) is unwarranted and consequently, update our rating to Buy (previously Under Review).
