The recent prelims showed good underlying growth, with the strategy to expand the portfolio of products and geographic footprint providing resilience in the face of FX headwinds. Whilst we trim our forecasts (2.7-3.6% off EPS), we see scope for sustained earnings growth into the medium term. This should eventually drive share price performance as the group grows into its rating. For now, we stay at Hold.


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Strategy playing out
- Published:
17 Sep 2015 -
Author:
Chris Glasper -
Pages:
5 -
The recent prelims showed good underlying growth, with the strategy to expand the portfolio of products and geographic footprint providing resilience in the face of FX headwinds. Whilst we trim our forecasts (2.7-3.6% off EPS), we see scope for sustained earnings growth into the medium term. This should eventually drive share price performance as the group grows into its rating. For now, we stay at Hold.