Restore (AIM: RST) is the UK’s leading provider of records management, digitisation and secure recycling services. The last twelve months have seen a management overhaul with the return of former CEO Charles Skinner, bringing a refreshed strategic focus to address a disappointing trading performance in 2023. Restore is a high-quality business operating in markets characterised by high barriers to entry, recurring revenues, attractive margins and sticky customer relationships. Under a proven, driven and experienced management team, we see scope for consistent earnings growth over the medium term, which in-turn should see a rerating of the shares. It is clear to us that the share price does not yet reflect confidence in earnings forecasts, or the upside potential of management’s medium-term targets. We initiate coverage with a 400p Fair Value estimate which represents an FY25 P/E rating of 20x, in line with Restore’s historic average rating and peer group multiples.