We took two pieces of positive news from the FY26 post-close announcement: first is the very welcome pick-up in orders and revenue growth in Q4; second is the completion of the Trival acquisition (announced at the beginning of December). The Q4 pickup is very encouraging and increases the confidence in our underlying forecasts for FY27 and FY28 and a return to a more “normal” organic growth profile after the protracted industrial destocking. The acquisition completion is a reminder that the acquisition pipeline remains healthy and active, and we have updated our model, resulting in a +1% tweak to FY27e EPS. Both are supportive of our buy recommendation and 850p target price.
