The last 18 months have proved to be particularly torrid for Rolls-Royce (RR), and it now needs to rebase and reset. New management appears keen to provide a more cohesive approach to the market, possibly with increased disclosure levels, but clearly with simpler messages and potentially more measurable milestones. The exact form of this should become more apparent at the investor day on 24 November. While the further reduction to FY16 guidance hurts sentiment, we believe the long-term cash generation of the civil model should remain the core investment factor. RR needs to build a conviction that it can convert its order backlog into real cash over time.