DAVY VIEW

Volution’s consistent healthy organic revenue growth, coupled with the stimulus from M&A, continues to translate into earnings upgrades. This sets it apart from its peers, both direct and indirect. We are upgrading our EPS forecasts for this and next year by 3% and 7% respectively, signalling double-digit annual earnings growth. The recent pull-back in the stock and a revised price target of 700p give upside of 20% and, accordingly, justify the restoration of an ‘Outperform’ rating.