Hardman & Co - Cavendish plc: Solid performance in still tough markets
Research on Cavendish plc (CAV:LON) from Hardman & Co
Cavendish delivered FY26 revenue of £56.9m (FY25: £55.6m), a 2.3% increase, and doubled reported PBT to £1.5m (FY25: £0.7m). Core profit before tax –stripping out share-based payments, option revaluation movements, associate and joint venture losses, and non-recurring costs – was £3.5m (FY25: £3.7m), a modest reduction reflecting deliberate investment in people, technology and regional expansion. All the main figures were in line with expectations. Currently, the stock is trading on 5.4x EV/NOPLAT 2026, falling to just 3.6x 2027E.
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