As anticipated a very strong set of finals from CVS, culminating in a 3% beat at the EPS level. Investors should also welcome improving momentum at the specialist centres and pet insurance launching on schedule. The Group has had a good start to FY18 and remains on the consolidation front foot. We tweak up our FY18/19 PBT/EPS forecasts by 1%/3%. Reliable growth, positive forecast momentum and structural attractions underpin the premium rating. We see fair value >1500p on a 6-12m view.
