Diploma: More still to come

研报英文原文证据摘录

Diploma: More still to come

Equity Research

European Business Services

8 June 2026

Diploma

More still to come

Still see upside vs guidance and consensus. Price target

raised to £83.

DPLM.L/DPLM LN OVERWEIGHT

Unchanged

Post an exceptional 1H, we still see upside versus guidance and consensus for the year ahead.

European Business Services POSITIVEWe raise our FY27e EPS by c12%. We are c3% ahead of FY26e Bloomberg consensus. We expect

Q3 to be a further positive catalyst.

Price Target GBP 83.00

This note refreshes what we think are the key aerospace industry metrics relevant for Peerless raised 12% from GBP 74.00

(which we now assess as c30% of group profit FY26e pro forma for announced M&A). Demand Price (05-Jun-26) GBP 70.20

will likely run ahead of supply for an elevated period, and we believe Peerless will continue to Potential Upside/Downside +18.2%

beat expectations in the near term. Elsewhere, the core businesses across the group continue to Source: Bloomberg, Barclays Research

trade strongly.

Market Cap (GBP mn) 9429

For FY26e we model 13.1% group organic revenue growth (12% guide) and c38% EPS growth. 2H Shares Outstanding (mn) 134.32

organic growth implied on new guidance is c9%; we model 11% (Q3/Q4 13%/9%). Free Float (%) 99.83

52 Wk Avg Daily Volume (mn) 0.3For FY27e we model 7.8% organic and c17% EPS growth. M&A optionality is as potent as ever,

Dividend Yield (%) 0.90with strong FCF post dividends, and we estimate ~£400m of annual capacity potentially worth

Return on Equity TTM (%) 18.97+20% to FY28e PBT with leverage still kept <1.5x.

Current BVPS (GBP) 7.83

Source: Bloomberg

We raise our price target to £83 (from £74) on earnings. Our upside case of £97 assumes organic

growth of c7% in the medium term (the business has done >10% post-Covid) and