Record FY20 and Q121 results were founded upon Thrace's strategic investment programme since 2015, reorienting the business towards higher-value segments. Our revised estimates reflect an expected normalisation of exceptional medical sector demand levels (FY21 upgraded, FY22 reset lower), but we expect ongoing group profitability to be well above pre-pandemic levels. Our DCF analysis infers that the current share price is factoring in overly conservative profit levels. The corollary of this is that further valuation upside is available based on steady-state earnings at our FY22 and FY23 levels.Den vollständigen Artikel lesen ...