H1 trading is reported to be in line with expectations, with market conditions improving across the group’s areas of focus. We make no changes to our forecasts as a result, but continue to see medium term upside potential, particularly from the SEND initiative. The shares remain good value on an FY16 EV/NOPAT of 13.5x and an EV/EBITDA of 8.5x, supported by a 7.5% FCF yield. Our current forecasts assume a 3 year CAGR in EPS of 19%.
