Genuit Group Trading Update: Challenging markets and inflation leading to c.9%/2% downgrade to FY26/FY27E Adj. EBITA

研报英文原文证据摘录

Genuit Group Trading Update: Challenging markets and inflation leading to c.9%/2% downgrade to FY26/FY27E Adj. EBITA

Chitrita C Sinha AC Europe Equity Research

(44-20) 7742-7176 22 May 2026 C A Z E N O V E

chitrita.sinha@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

• Increased focus on sustainability-driven markets should see

growth vs. end markets improve through-cycle with the

group targeting 2-4% outperformance.

• The group targets 20%+ adj. operating profit margins and

with the business simplification now complete, our analysis

shows that the key driver of margin improvement is

operating leverage as volumes recover. We now believe

forecasts and end markets have bottomed with some green

shoots for a recovery.

YTD 1m 3m 12m

Abs -19.9% -11.2% -31.3% -33.3% • The group views M&A as a way to expand the strategic Rel -22.0% -11.1% -27.9% -42.8%

solutions portfolio, often bringing a technology or a solution

Company Data capability that it does not have today and/or help the group

Shares O/S (mn) 248 take its current solution capability into new markets. This

52-week range (p) 408-241 could drive incremental upside to forecasts.

Market cap ($ mn) 873.63

Exchange rate 74.43 Valuation

Free float (%) 99.7%

3M ADV (mn) 1.43 Our June 2027 Price Target is based on a reverse DCF valuation.

3M ADV ($ mn) 5.7 The 12-month forward target multiple is 11.5x EV/adj. EBITA,

Volatility (90 Day) 38 applied to our 2027 forecasts and rolled six months forward. The

Index FTSE 250

BBG ANR (Buy | Hold | Sell) 7|2|0 multiple takes into account the through-cycle growth, margin,

cost of capital and asset intensity.

Key Metrics (FYE Dec)

£ in millions FY25A FY26E FY27E

Financial Estimates Performance Drivers

Revenue 602 640 683

Adj. EBITDA 124 128 144