Panmure Liberum has repeated a bullish view on London-listed Zotefoams, following the firm's financial update earlier today, with analyst Alexandro da Silva O’Hanlon highlighting a strong start to 2026 for the specialty‑polymer maker.
The broker calls the share "undervalued", whilst noting its 'Buy' rating and a 660p price target, versus today's market price of around 422p.
At these levels, Zotefoams is priced in the vicinity of 8.5x price/earnings, the analyst noted.
The Panmure Liberum analyst pointed in particular to a robust EMEA performance, helped by the firm's OKC acquisition, as well as roughly 30% organic North America growth, thanks to added capacity. Meanwhile, Asia was 'tracking to plan'.
O'Hanlon, moreover, highlights a number of structural catalysts for the bullish call, including the ZoteLabs AI model, which he says will unlock "100 years of corporate memory". And, also, growing traction in the company's Global Approved Partner programme, and the effective offset of expected Footwear moderation by Transport & Smart Technologies, and the group’s handling of energy costs and Middle East disruption.
In the shorter term, the bullish broker reckoned a successful continuation of the OKC integration, delivery of North American capacity expansion, and progress on the Vietnam and South Korea projects could be more near‑term catalysts, if Zotefoams is to convert revenue momentum into earnings.
In London, Zotefoams shares gained 6% on Wednesday, to change hands at around 422p.
