G4M has reported another strong sales performance, with growth of 32% in the peak period. Gross margin was also ahead. This drives more upgrades, with EPS raised 11% this year then 45%/23% in outer years. Re-phasing of the capex on the new DC, which will unlock future growth and efficiency, means ND forecasts have also improved with leverage peaking at 0.7x (rather than 1x). The equity story remains strong, and our target price moves up to 415p.
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