CVS’s Y/E trading update further underlines that the business model is in great shape. LFL’s grew by c.7% implying a strong 2 year showing of c.14% and expansion is accelerating. We fundamentally believe there is plenty of organic upside from various growth initiatives to drive earnings, in addition to which the consolidation angle remains hugely compelling. Today’s update prompts further EPS upgrades of 1%-3% to justify the premium rating and we advocate fair value towards 700p. CVS is a high q ....
