We give a thumb’s up to the Bibendum deal. It not only further improves the quality of earnings, but also adds a complementary third growth leg. Crucially, on a pro-forma basis, 80% of earnings are now non-Conviviality Retail and the rating fails to reflect this important point. We push through FY17 and FY18 EPS upgrades of 8% and 16% respectively. The shares on a FY17 P/E of 10x falling to 8.6x (0.2/0.5 PEG) with a 4%/8% DPS/FCF yield, 2 year EPS CAGR of 30% and upgrade momentum are significant ....