We update our model following the Aug trading update, posting a ~5%/18% downgrade to FY19/FY20e PBT and lowering our PT from 140p to 100p. Given the shift to net revenue reporting, we present our segmental growth/margin assumptions in this note, setting out our expectations going forward. We see consensus earnings for FY19/20e as now being sufficiently reset to tilt earnings risk to the upside, and retain our Buy rating favouring the LT growth opportunity at play, though we acknowledge that u ....