PPHC’s interim results show continued growth and progress despite some market uncertainty caused by elections. The Group has affirmed market expectations for the full year, so Zeus P&L estimates are unchanged. We believe that PPHC is materially undervalued given its strong financial characteristics, including good revenue growth, high operating margins, sustainable dividend, and high free cash flow yield (13% FY24). Our DCF-based valuation estimate is 236p, implying 80% upside.
