埃森特拉公司（ESNT）：强劲的4个月交易更新；管理层对2025财年的预期不变

Andy Douglas * | Equity Analyst44 (0) 20 7029 8166 | andrew.douglas@jefferies.comDavid Farrell * | Equity Analyst44 (0)20 7029 8407 | david.farrell@jefferies.comVanessa Jeffriess * | Equity Analyst44 (0)20 7548 4123 | vjeffriess@jefferies.comRichard Hill * | Equity Associate+44 (0)20 7548 4540 | rhill1@jefferies.com Company DescriptionEssentra PlcEssentra Components is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items.The business operates in 25 countries worldwide, 13 manufacturing facilities and has 23 sales & distribution centres serve that more than 79,000customers with a rapid supply of low cost, but essential products, for a variety of applications in industries such as equipment manufacturing,automotive, fabrication, electronics and construction. The division also includes the Reid Supply business, which provides a wide range of brandedhardware supplies to a broad base of industrial customers, largely located in the US Mid-West. The business rebranded as Essentra PLC fromFiltrona Plc in June 2013. Filtrona Plc had previously demerged from Bunzl Plc in June 2005. Having been a group with 3 divisions after thedisposal of the Specialist Components division, management has again looked to streamline the group. Accordingly, after 2 recently announceddisposals, Essentra Plc is now a pure-play, global Components business.Company Valuation/RisksEssentra PlcValuation: Our SOTP-driven price target of 160p is equivalent to a FY26F EV/EBITA of 13.4x.Risks: Risks of global recession, extended destocking,slower-than-expected China recovery, cost pressures impacting margins, FX, and poor M&A execution.Analyst Certification:I, Andy Douglas, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, David Farrell, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Vanessa Jeffriess, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Richard Hill, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Andy Douglas is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:David Farrell is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Vanessa Jeffriess is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Richard Hill is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all J