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Oct 11 2021, 06:30 IST/BST
We have upgraded our Volution profit forecast for the year to end-July 2022 by 4%. Most of this may be M&A related, but it also highlights that the group continues to successfully manage acute input cost and supply chain challenges. The stock is now over 15% off its peak and the Volution forward P/E multiple has contracted by almost 20%. This leaves its valuation more appealing, and we reiterate our ‘Outperform’ recommendation.