We have updated our forecasts following the recent trading update, which has resulted in some relatively modest changes (+/-3%) to our EPS forecasts. Importantly, the underlying growth thesis is, in our opinion, unchanged. Our new forecasts show a 3yr CAGR in EPS of 20.5% which, coupled with a FCF Yield of over 7% in FY17, is a strong proposition. Whilst we have reduced our TP to 734p (from 827p) reflecting the change in comps, the 15% fall in the share price has brought the valuation back to a ....
