A brief but reassuring AGM update from Pinewood this morning. Media Service continues to enjoy high occupancy and good visibility beyond the current financial year. Media Investment deal flow, utilising 3rd party funding, is cited as being H2 biased this year. We are not unduly worried with regard to this given the earnings neutrality of this area of activity. We keep forecasts unchanged but see the risk on the upside at the November interims. We estimate fair value at 512p on PropCo/OpCo and EV ....
