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May 28 2019, 07:00 IST/BST
Origin’s management presented a robust defence of its supply chain relevance and potential at its recent Capital Markets Day. Maiden five-year targets reflect a pragmatic growth agenda with an equal attribution between organic and non-organic. Appetite for M&A was more elevated than expected. We expect FY2019 to mark the third consecutive year of progress – which has yet to be reflected in the equity. We believe the shares are mis-priced.