PPHE’s Q1 trading statement indicates a much stronger than anticipated performance, with LFL revenues up 17%, in spite of Easter falling in Q2 2017 (Q1 2016). Partly, this reflects a depressed comparative, with Q1 2016 revenues flat in the aftermath of the traffic terrorist incidents in Brussels and Paris. We have left our 2017 forecasts unchanged but feel there is likely to be an upgrade of 3% or so in revenues when we reach the interim results. The shares trade at a significant discount to NAV as adjusted for the real value of the assets, and at a significant discount to peers on earnings-based measures, which is unwarranted.