DAVY VIEW

We revise our forecasts, mainly our finance charges and associated costs, following the completion of the new revolving credit facility (RCF) negotiations. The new RCF has a revised and shorter list of lenders. We also reflect the new leases in Tankships from FY26E as James Fisher invests in new more efficient tankers to service the demands of the UK market. Our EV/EBITDA based price target (PT) sees only a minor reduction of 35p to 815p. With more than 100% upside and significant further self-help to come, we maintain our ‘Outperform’ rating.