With CPO pricing remaining solid, and stone production scaling up, we are forecasting a material improvement in REA’s financial performance through our forecast period. Our newly-introduced estimates indicate strong earnings growth, healthy free cash flow and further deleveraging as a result. With returns on equity remaining on an upward trajectory, we believe that the shares’ current c.70% discount to book value is too deep and initiate coverage with a 190p/share price target – implying c.70% u ....