Negative growth continues, fractionally worse than the market previously thought, but the rest seems to be on track (synergies/ cost control), and market rises mean that consensus estimates will end up close to our new forecasts, which rise 5% this year and next. The stock is up 16% since our note of mid-March (here), but the FT All-Share is +8% since then and, as we argued at the time, RAT was way too cheap. We believe a significant value opportunity remains, but there is now in our opinion als ....
