Following last weeks interims, we use this note to highlight impediments to LFL growth and rating recovery on a 12-18 month view. These are essentially structural. Our forecasts were already below consensus but we push through further EPS downgrades of 3-4%. Our Sell stance on growth / high rating concerns has served us well with the shares -11% YTD and now move to a Hold with a revised 12m TP of 540p (from 582p) – 17.5x FY17 P/E.