The group’s wide-ranging strategic and operational focus is starting to deliver results, with evidence being seen in Q4 in sales, margin and cost efficiencies. This leads to guidance being upgraded, and we have raised FY25/FY26 EPS forecasts 12%/30% now with a 25% CAGR. Our target price is raised 96% as we roll forward a year and lift the target multiple to 2.5x. On full delivery of the strategic plan, investors could yield a 6x return, and we re-iterate Buy.
