Restore’s AGM update confirms a period of robust trading, underpinned by a contribution from prior year acquisitions (notably Synertec) and continued organic growth (particularly across digitisation, outbound communications and IT recycling). The Group remains well on track to deliver another year of double-digit earnings growth, in line with expectations, as well as sustained growth over the medium term. In our view, a P/E rating of <10x for FY27 undervalues the quality of the business and its growth prospects. We reiterate our 400p Fair Value estimate.
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