Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m. Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well and underlying operating margins are already running ahead of the Group’s 20% medium term target. On our upgraded FY26 forecasts, Restore is trading on a P/E rating of just 10x, which in our view, fails to reflect the quality of the Group and its growth prospects. We reiterate our 400p Fair Value estimate.
Restore: Research
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