We have reviewed our forecasts to reflect the disappointing performance and weaker prospects indicated in ERM’s IMS. The result is a 7% downgrade to our adj. PBT and adj. EPS estimates for the current year, FY2016E and FY2017E, respectively and a more conservative DPS growth outlook. We have also reduced our target price to 1,014p in line with these downgrades. As this suggests 7% total return downside, we regard the group’s stock as fairly valued and struggle to identify a cataly
