We have cut our estimates to reflect the more challenging trading environment which was confirmed in the Q3 trading update. We have reduced our PBT and EPS forecasts by 10% for 2015 and 16% for 2016. This assumes a further weakening in the last months of 2015 and a 2.7% organic sales decline in 2016, due to subdued end markets. However we expect sentiment to become progressively more positive during the year ahead. (1) The shares are trading on a discount to the sector on consensus forecasts bas ....