ADF has raised £10m at 50p in an equity placing to acquire Autotrak, the market leader for portable roadway hire in the UK film and TV sector. This moves ADF closer to its medium-term targets of being a one-stop-shop provider of premium serviced production facilities to the UK film and TV industry and generating £100m of revenues. Our base case has EPS accretion of c.12% and our upside case shows nearly 20%. The valuation looks compelling, given it trades on an FY25E Adj P/E of just 5.5x vs equi ....
