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
GB00BMWRZ071_Dowlais_Update_210324_new
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