We believe the investment case for Ricardo is positive and upgrade our estimates following the trading update last week. Despite a weaker first half, Ricardo confirmed that trading to the year-end was in line with market consensus. Activity was strong across all units; notably the Automotive & Industrial division recovered well in H2. Our estimates were at the lower end of consensus, and the outlook is now more positive. FY24E adjusted PBT is increased by c.9% to c.£31m. Liabilities will also be ....
