FY24 results, released last month, were in line with its January trading update. Revenues grew by 5.3%, when excluding discontinued components, while cash EBITDA eased by 3.4% to $22.8m to reflect a margin of 15.0%. Management is cautious on the near-term outlook due to uncertainties over the impact of trade wars on consumer sentiment. We have cut our revenue forecasts by 4% in FY25 and 6% in FY26 to reflect this uncertainty. However, costs also fall and FY26 adjusted EPS moves higher in USD terms. In spite of the opportunities, the shares trade on a modest 12x our FY27E earnings, supported by a strong balance sheet.
