Frontier’s interims are in line with expectation, as set by earlier trading updates in May and July. H1’18 sales were down 32% to $17m due to Norwegian retailer overstocking in Q4’18, albeit we highlight the post-period trading update confirms recovery in both revenues and working capital. We maintain our forecast recovery to $46.6m sales in FY18E; on a current multiple of 0.5x EV/Sales FY1 we see significant upside in the valuation and maintain our PT of 62p (29% upside). B
