Earnings PotentialThere is significant potential upside under a bull case, which could see Travis treble its earnings from the expected 2024E level, if Merchanting wins back all its lost volumes and Toolstation profits step up as France is closed and the UK moves towards profitability.
LeadershipThe new CEO who starts today (Pete Redfern) and Chair (Geoff Drabble from 1 October) have the pedigree and experience to deliver this outcome.
Market RecoveryManagement notes that the group's key end markets are stabilising with some very early signs of recovery.