We believe Facilities by ADF has a clear ‘right to win’ in the context of a very large addressable market, with the potential to accelerate growth enhanced by operational gearing and a renewed focus on financial and operational rigour under a new management team. We anticipate strong earnings growth and strengthening cash flow and regard its stock as substantially undervalued. Our 37p target price suggest that its share price could more than triple and we see scope for a significantly higher medium-term valuation. BUY.