The CMD was well received with meaningful insight into strategic and financial ambitions. Management sees attractive growth in existing markets and a clear margin improvement opportunity. We see International as particularly exciting. Combined, this gives line of sight to 50% PBT growth to £45m in the mid-term and EPS of 92.5p (8.5% 5-year CAGR). Investors should also factor in a model that remains highly cash generative, thereby underpinning a robust dividend outlook and the possibility of furt ....