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GB : Tyman - More margins, growth and ESG

Tyman’s Capital Markets Day set out credible plans to improve margins, to 16.5% by 2023/24, and reinvigorate organic growth. Hitting targets would mean beating our estimates by c8% by 2024. Management also reminded the audience of its integrated ESG strategy, which should create value for shareholders and customers. We raise our target price to 550p from 530p, keeping our ROCE/WACC approach but recognising more upside in returns.


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