Interims are 3% ahead of our forecast at the PBT level and we push through further EPS upgrades of 3-4% this morning. To deliver 3% LFL growth in H1-16 vs. a tough 10% comp whilst completing an unprecedented level of strategically important acquisitions reflects favourably on management and the growing strength of the business model. We are encouraged by a solid start to H2-16 and commentary around future growth opportunities. We see CVS as a solid double-digit compounder, with attractive growth levers and advocate fair value towards 950p on a 6-12m view.