We initiate with a Buy, a 12m TP of 265p and EPS forecasts 2-5% above consensus. Conviviality has an attractive capital light business model with leading positions in the on and off trade drinks market. The recent Matthew Clark deal was transformational and we see scope for further acquisitions. We identify multiple levers of growth and expect the rating to expand on execution of the convenience store strategy and Mathew Clark surprising on the upside. The main drag on the investment case is neg ....