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Motoring Forward

Dowlais Group plc’s first set of results were ahead of Edison Group’s expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to Edison’s implied generic peer-based valuation. 

21 March 2024

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