After a tough first half, pavings group Marshalls PLC (LSE:MSLH) expects a modest recovery in the second half as the macro backdrop gradually improves.
Market expectations for the full year are projected to be broadly in line with the current consensus.
Peel Hunt says the shares are trading on 18 times calendar 2025 depressed earnings, which it says is about 10-11x recovered earnings, which have the potential to double this year.
The broker has raised its target price to 380p from 310p to reflect the improved macro backdrop and the increased likelihood of a cyclical recovery. Buy says the broker.
Shares were down 0.7% to 337.5p on Monday.