Diales Group: Equity Development
The H1 trading update from makes for encouraging reading. Strong momentum within its core markets in Q2 has continued into Q3, leading to confirmation of no change in consensus estimates for adj. PBT/adj. EPS. The valuation is underpinned by the net cash (29% of the market cap), suggesting the operating business is valued at an underwhelming EBIT multiple of 5.6x. The dividend yield, projected at 7.9% currently, remains attractive and offers support for the shares.
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