RST

Restore PLC

Industrial Goods and Services First-pass screen £356m

390/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 55

Valuation 25% 30

Downside protection 15% 58

First-pass take

Well-run, cash-generative business services provider (£34.6m FCF, 82% conversion) with defensive characteristics (recurring CPI/RPI-linked contracts, broad customer base, counter-cyclical demand), but lacks AI exposure. Margin pressure evident in 2022 (EBITDA +9.8% vs revenue +19.1%); moderate leverage 1.7x limits downside protection.

Flags

no-valuation-datamargin-pressuredefensive