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

Ryan Flight, CFA * | Equity Analyst+44 (0)20 7029 8062 | rflight@jefferies.comAllen Wells, CFA * | Equity Analyst44 (0) 20 7029 8922 | awells@jefferies.comSimon Lechipre, CFA * | Equity Analyst+44 (0)20 7548 4118 | slechipre@jefferies.com FY25e guidance upgraded.FY25e organic revenue guidance upgraded to 8% from 6% (cons5.7%, JEFe 6.4%), c.2% M&A contribution unchanged (cons 3.0%, JEFe 2.8%), and operatingmargins now expected at c22% from 21% (cons 21.4%, JEFe 22.1%). We expect consensus tomove higher towards £330m EBITA for FY25e; closer to our £328.5m (current cons £315m).9am presentation.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionDiplomaDiploma distributes a range of products, mostly exposed to maintenance budgets, from three divisions. The Life Sciences division distributeshealth care products, mainly into the Canadian public health system. The Seals division is mostly exposed to the North American aftermarket,although its presence is growing in industrial OEM. The Controls division distributes wiring and fastening equipment into technically demandingapplications.Company Valuation/RisksDiplomaOur price target applies a 23x PE versus 18-28x five-year range (excluding Windy City Wire distorted FY20-21) to CY25F EPS including M&A.Risks include economic cycle, inflation pass-through, and acquisition integration.Analyst Certification:I, Ryan Flight, CFA, 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, Allen Wells, CFA, 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, Simon Lechipre, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Ryan Flight, CFA 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:Allen Wells, CFA 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:Simon Lechipre, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, andtherefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and tradingsecurities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide