There were no major surprises in the Q2 results. The underlying performance remains on the right track in both operating geographies (LatAm and France). Management has confirmed FY19 financial guidance. The French net debt reduction target has been improved further to less than €1.5bn by end-2020 (vs €2.9bn at 30 June 2019), and this should be sustained at this level in subsequent years. No change to our stock recommendation.
