Yesterday, Applied Nutrition (APN) issued a positive trading statement which was well received by the market, underpinned by another upgrade, the acquisition of Nutrablend which builds out US production capacity, and a licensing deal with Mondelez which expands its retail presence in the US. We have upgraded our FY26E EBITDA (adj.) by 5.5% to £41.7m, FY27E by 8.8% to £47.1m and FY28E by 7.9% to £51.9m. Disruption in the Middle East is starting to normalise and any resolution to the conflict coul ....
