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Nov 20 2023, 07:05 GMT
We are lowering our Grafton forecasts for 2024. It is likely the operating environment will remain challenging next year, although we regard this as a cyclical dip with the scope for a sharp rebound once market conditions start to recover. Importantly, Grafton’s fortress balance sheet and ongoing share buyback remain very much in place. Moreover, even on the new numbers, the group’s valuation is not stretched. Our revised price target is 1150p.