DAVY VIEW

We have upgraded our Tyman forecasts following the group’s impressive start to 2021. That improved outlook owes much to management’s efforts to streamline and strengthen the existing business. In our view, the strategy to “Focus, Define & Grow” is bearing fruit against the helpful backdrop of strong end-markets, especially in the US. Next week’s Capital Markets Day should further highlight progress to date, while also pointing to future opportunities ahead. The share price has done well but we see further re-rating potential as the group delivers on its strategic priorities. We reiterate our ‘Outperform’ stock rating and increase our price target to 520p.