Jensen-Group Higher Target Price after ‘keeping a clean sheet' in 1Q24
We have updated our model following Jensen Group's promising 1Q24 trading update. As a result, we increase our price target from € 40 to € 46, in line with our updated base case DCF. We maintain our Accumulate rating.Jensen-Group and its subsidiaries are engaged in heavy-duty laundry activities. Through its Heavy-Duty Laundry Division, Co. supplies textile and garment services to textile rental operations, commercial laundries, on premise laundries for hotels, hotel chains, etc. and institutional laundries and central laundries. Under this division, Co. also operates a separate business unit serving the confectionery textile industry, marketing specialized folding equipment for finished products. Co.'s products include open-pocket washer extractors, split pocket washer extractors, continuous batch washers, batch transfer drying tumblers and flatwork ironers.
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