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UK tax hikes drive valuation reset

11/12/25 -"We have incorporated the impact of the recently announced budget, resulting in a decline of c.16% in our DCF valuation and c.14% in NAV. Consequently, our target price is reduced by c.14% to 1,313 ..."

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English
Published on
11/12/25
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EXECUTIVE SUMMARY

Updates Pension Risks
Target & Opinion Governance & Management
Business & Trends Graphics : Momentum
Money Making Graphics : MACD & Volumes
Debt Graphics : Sensitivities
Valuation Sector: Performance
DCF Sector: Key data
NAV/SOTP Sector: Ratios & Valorisation
Worth knowing Sector: Peers
Financials Sector: Analysis

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