Source has delivered another year of record performance in line with the expectations set out after the trading update in January. The outlook remains highly encouraging, and our forecasts continue to expect sustained mid-teens EPS growth, with the potential for outperformance. The share price fall YTD looks unjustified and we see an extremely attractive entry point at current levels, with the shares trading on a Dec-16 EV/EBITDA of 7.6x, supported by a FCF Yield of 6.3%, rising to 10% in FY18.
