The SQS 2015 results show solid delivery at the operating level, with revenues and Adj PBT in line with (or ahead of) our estimates. Cash generation was also strong, but EPS was impacted by tax and a change in accounting for minority interests; the dividend was also slightly below our (and consensus) expectations. We reduce our 2016E EPS from €0.48 to €0.44 for the reasons outlined, but leave our operating forecasts unchanged as the group benefits from its strategic push to the USA ....