First half PAT of GEL134m (+20% yoy) was c2% ahead of expectations. The outlook is improving with scope for earnings upgrades. We have not changed our forecasts. The healthcare IPO is on track for Q3. Owing to Ukrainian fallout the shares are down 25% since last year's high versus a 10% earnings downgrade and trade on 9.6x FY15E or 6x adjusted for the healthcare business on our valuation. Price target 2400p. Buy.