Marshalls - Self-help initiatives and selective growth

Davy Research
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The enlarged Marshalls business has identified a number of self-help levers that should improve the performance of the business even if weakness persists in RMI end-markets. These include operational improvements at Marley, further growth in solar PV and selective product development in the core Marshalls business – areas where the company has demonstrated capability. While macro clouds will be hard to ignore, multiples are attractively low.