Overview Key strengths Key risks Robust backlog growth and good track record of revenue conversion, providing good visibility of top-line growth. Use of subcontractors to perform project works, resulting in thin EBITDA margins. High cash conversion rate resulting in healthy free operating cash flow (FOCF) generation. Employee-owned structure subject to unpredictable share repurchases that could reduce discretionary cash flows. Capital structure is largely fixed rate, mitigating earnings impact from rising interest rates. High exposure to the corporate interiors segment, which we think will continue to face headwinds from a broad adoption of remote working. A robust backlog and good track record of revenue conversion provide good visibility of top-line growth over the next 12 months, but a high reliance on
