Research on Cavendish plc (CAV:LON) from Hardman & Co
Cavendish reported core PBT of £0.8m for the half-year to September 2026, down from £2.0m for the comparable period last year. Revenue was down 20% against a still tricky background for UK smaller companies. The result demonstrated a strong control over costs, which fell 16% over the period. We have cut our core net income expectation to £2.2m, from £3.9m. Currently, the stock is trading on just 4.3x EV/NOPLAT 2027E. There is no interim dividend.
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