Applied Nutrition PLC (LSE:APN) drew an increased target price from Deutsche Bank on Thursday, as the broker lifted its valuation following a strong pre-close trading update from the supplement maker.
The shares traded around 316.5p as Deutsche Bank maintained its 'buy' rating and raised its target from 335p to 350p on sustained operational momentum.
At the heart of the broker note is a revised forecast for the 2026 financial year, with annual group revenue now expected to rise 50% to £160 million.
That top-line expansion marks an upgrade from earlier guidance of £140 million, driven by broad-based gains delivered across both geographical territories and core product lines.
Those international sales channels remain particularly robust across key regional growth markets in the United Kingdom, Latin America, and the Middle East.
In the same trading period, adjusted earnings before interest, tax, depreciation, and amortisation are forecast to increase 40% to £43.3 million, delivering an underlying margin of 27.0%.
Building on that operational performance, company management expects group revenue to advance a further 28% to £205 million during the 2027 financial year.
Underlying earnings for the subsequent period are projected to rise 13% to £49 million, indicating an operating margin of 23.9% across the group.
A successful relaunch of Critical Whey supported product momentum, helping lift overall whey sales to almost 25% of total group revenue compared with 20% previously.
Future margin progression now reflects higher wholesale whey input costs, as well as the financial integration of the predominantly white-label Nutrablend acquisition in the United States.
