We have reduced our financial forecasts to reflect short-term weakness in SAA’s Issues specialism caused by the recent US government shut down but remain positive on its medium-term prospects. Based on our new estimates and following a period of significant SP weakness the group’s stock is trading on FY26F P/E and EV/EBITDA ratios of 7.8x and 3.6x, offers a DY of 1.9% and 31% TSR upside potential to our 152p target price. BUY
