Hardman & Co Research: Haydale (HAYD): Enlightenment delayed

Hardman & Co: Enlightenment delayed

Financial issues are now likely to affect the shares in the near term, as the group seeks new working capital funding arrangements. However, commercial developments are generally progressing well, and the long-term risk/reward balance remains favourable. The shares are attractively valued compared with their peer group, on P/NAV and EV/sales, and also on a DCF basis.

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