2020 should be the year that Equiniti delivers a step-change on FCF now that the separation of EQUS from Wells Fargo has been completed. With this in mind, we believe that the FY19 result could prove to be an important catalyst for the shares. We expect management to successfully allay investor concerns over the causes of the lower than expected cash conversion in FY19, improving confidence in the outlook for FY20 and beyond. Should this occur, the shares will materially rerate over the next 12 ....