S4 Capital has reported very strong FY19 results, which were ahead of our expectations at the Gross Profit, EBITDA & EPS level. The new financial year has started strongly, with LFL Gross Profit growth up over +30% in January, ahead of our +25% assumption for FY20. The group has yet to detect any material impact from Coronavirus though clearly the immediate outlook is highly uncertain. We believe that a number of factors position S4 Capital strongly to weather the near-term challenges not
