Cambria has delivered an excellent set of results in FY’15 both operationally and financially. PBT increased 43% year on year, beating recently upgraded forecasts, and cashflow was well ahead of expectations driven by w/c enhancements, especially in Used where RoI is now almost twice the industry average. Trading has exceeded expectations in Sept/Oct and new bank facilities provide significantly more fire power to continue with its acquisition strategy, where it has an impressive track record. We continue to highlight property backing, now c.41p/share. Although PBT/EPS forecasts have been upgraded by 5-6%, we continue to see risk to the upside. Based on existing forecasts we estimate fair value to be c.86p.
