Boparan – Relationships - Model Update

Having successfully traded Boparan's capital structure over the years, we maintain a detailed understanding of the business, its capital structure and the shareholder' role within it. Following the latest results, we reviewed performance against our forecasts, reassessed how relationships with key customers are influencing margins, and updated our expectations for earnings and cash generation. On that basis, we have refreshed our DCF analysis to evaluate debt coverage and the equity cushion available to creditors, incorporating our view of how the shareholder is positioned within the structure. This work underpins our updated investment stance and our assessment of how this name will develop over the next two years.