2025-05-20-Jefferies-帝普乐玛（DPLM）_上半年息税折旧摊销前利润（EBITA）超预期由Peerless推动_8页_109kb

Key Points from Jefferies Equity Research Report on Diploma (DPLM LN):

• Consensus vs. Actual Performance: H1 EBITA reached £156.9m, beating consensus by 4% (vs. expected £150.5m) and aligning with the top-range forecast of £158.4m. Organic revenue grew by 9% for H1, with Q2 at 11% (above consensus 6% and Jefferies estimate 7%).

• Peerless Acquisition Impact: The acquisition of Peerless contributed approximately £30m to the EBITA growth and drove organic revenue acceleration, particularly in the Controls division. Growth is expected to moderate in H2 due to normalization after the acquisition's impact.

• Financial Metrics: Full-year 2025 organic revenue guidance upgraded to an 8% growth estimate (from 6%), with EBITA margin now projected at ~22% (up from 21%). Consensus-adjusted EBITA target for FY25 is £330m.

• Valuation: Price target set at £4,222.00 per share, with a HOLD rating. Jefferies' valuation uses a 23x PE ratio, contrasting with the company's historical 18-28x range.

• Risks and Divisions: Risks include economic cycles, inflation, and acquisition integration challenges. Divisions show Controls (+29.2% margin in Q2) outperforming due to Peerless, while Life Sciences and Seals show modest or flat performance.

For further details, refer to the full report from Jefferies.