RE: Flotation just a year ago?18 Jun 2026 15:33
If market cap is around £755m and net cash is £344m, enterprise value is roughly £411m. Against FY 2025 adjusted EBITDA of £148m, that is only about 2.8x EV/EBITDA. Even using a higher market cap around £900m, EV/EBITDA is still only around 3.8x. That is cheap if the cash and EBITDA are sustainable.
In with 1k initial holding