Redeye updates its estimates and fair value range following Enviro’s rights issue, where we have also taken the opportunity to reassess the case. We think that Enviro has steadily emerged as a frontrunner in end-of-life tyre recycling industry by making significant strides in several areas, despite longer-than-expected timelines. This research update revisits our assumptions and we update our financial outlook, roll-out projections, and valuation scenarios to reflect a more grounded, yet still optimistic, perspective on Enviro’s long-term potential.
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