HFG.L has risen +17% YTD vs. the FTSE All Share Index up +3.5%. This has come on the back of the shares rising c.+20% (vs the market +12.5%) in 2016, and c.+150% over five years. HFG's EPS has risen c.+36% in five years, thus the biggest driver behind the share price rise has been a re-rating. As HFG has grown, more investors have been attracted by HFG’s impressive profit, cash generation and dividend track record. The shares now trade on c.20x FY17E PE, nearly double the PE that HFG.L ....