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Tue, 04th Nov 2025 15:23

Cordel’s full year results were in line with broker consensus, with 8% revenue growth and a substantial narrowing of the EBITDA loss, despite sluggish decision cycles. More significantly, Cordel’s five significant new customer contracts and progress in positive train control (PTC) systems and multi-modal AI establish a platform for an acceleration in FY26 and beyond. We continue to believe Cordel’s FY26 EV/sales multiple of 2.0x does not adequately reflect its strategic positioning or its growth prospects.

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