DAVY VIEW

Hill & Smith has delivered another period of strong organic revenue growth, across all three divisions – especially from its US operations. This has given the Board confidence to upgrade FY profit guidance. We upgrade our FY23E EPS by 2.6%. The Composites Capital Markets Day on November 30th should help lift the lid on the growth potential for this division. We reiterate our ‘Outperform’ rating, leaving our 2,080p price target unchanged.