Acal saw a recovery in demand in H217 after a weak first half and finished the year with a solid order book. Continued strong demand in Q118 supports organic growth in FY18 and we again nudge our estimates upwards (+1.5% to FY18 eps) following a similar upgrade in April. The company’s strategy to grow the design and manufacturing business is on track and we expect to see further acquisitions to broaden the product offering and geographical coverage. The stock continues to trade at a discount to its peer group.

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