Acal experienced strong trading in Q417, with organic growth in both divisions further boosted by currency. Order intake in Q417 saw 13% organic growth, positioning the company well for FY18. We have revised our forecasts to reflect the stronger trading environment, resulting in EPS upgrades of 3.4% in FY17 and 2.3% in FY18. Despite some recovery in the share price, in our view the stock still represents good value.
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