Redeye updates its estimates and valuation following Momentum Group’s Q4 2025 report. Net sales came in below our estimates, with the 6% y/y increase driven by M&A. EBITA was 22% below our estimates, driven by the sales miss. With relatively modest leverage and strong capital efficiency, the company retains ample M&A firepower. We expect continued acquisition activity but lower our 2026e EBITA by 5% following the report. Our updated fair value range supports a slightly positive stance on the share at present.
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