We moved to Buy from Hold earlier this week, following weakness in the share price. Having digested the results presentation and considered the Group’s growth prospects in more detail, we have increased our target price to 156p (from 135p) equating to c.14x FY17 EPS. CIT is now history and the two main divisions are ripe with opportunity; coupled with little exposure to general industrial activity/oil & gas, this is a strong investment case. Buy.