Earnings growth undervalued

Premier Technical Services 9 April 2019 Update
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Premier Technical Services

Earnings growth undervalued

FY18 results

Industrial support services

9 April 2019

Price

98.0p

Market cap

£122m

Net debt (£m) at end December 2018

14.3

Shares in issue

123.2m

Free float

59%

Code

PTSG

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(20.2)

(36.9)

(39.1)

Rel (local)

(23.5)

(41.8)

(40.8)

52-week high/low

199p

99p

Business description

Premier Technical Services Group (PTSG) is an independent provider of regulated and safety related specialist building services in four divisions across the UK. It listed on AIM in February 2015 at 52p.

Next events

AGM

17 June

FY18 final DPS 0.90p XD

27 June

FY18 final DPS to be paid

19 July

Analyst

Toby Thorrington

+44 (0)20 3077 5721

Premier Technical Services is a research client of Edison Investment Research Limited

FY18 results met market expectations but PTSG’s share price performance over the last six months has been weak, in contrast with rising earnings estimates over this period. Acquisitions have been a good fit in our view and with a prospective net debt:EBITDA below 1x we still consider the company’s financial position to be set conservatively. A PEG of c 0.7x and FY19 P/E of 7.2x provide a gauge of the weakness of sentiment for PTSG, which we expect to deliver a double-digit three-year earnings CAGR.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/17

52.9

10.2

9.7

1.6

10.1

1.6

12/18

69.1

14.3

11.9

1.8

8.3

1.8

12/19e

124.5

19.7

13.6

1.9

7.2

1.9

12/20e

136.6

23.2

15.2

2.0

6.4

2.0

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Broadly based progress

Normalised FY18 PBT grew by 40%, EPS +22% and DPS +13% and matched our expectations in each case. Double-digit organic progress was enhanced by both annualised and in-year acquisition effects with Electrical Services and Fire Solutions becoming the largest divisional profit contributors. Underlying cash flow was good – with improving debtor metrics – and, with total M&A spending and new equity proceeds at broadly similar levels, year-end net debt was £14.3m, down c £5m y-o-y.

Earnings CAGR approaching 12%

Acquired businesses appear to have settled in well and management has ambitious plans to build on the enhanced platforms created by the additions of Guardian Electrical Compliance (acquired October 2018) and, subsequent to the year end, Trinity (January 2019) supporting confident outlook comments. Our FY19 estimates are substantially unchanged, while we have nudged up our FY20e PBT by c 4%, with small mix changes. As a result, our new three-year EPS CAGR (rolled forward to include FY21e for the first time) is now almost 12%. A rising proportion of multi-year agreements (building recurring test, inspection and compliance-based revenues) and further operational and customer-facing IT platform developments are all examples of qualitative business improvements supporting future progress.

Valuation: Rating compressed, modestly geared

After a positive initial response to the FY18 results announcement, PTSG’s share price has given up all of its recovery since mid-February and is currently sitting at a 12-month low. Equity proceeds raised in October have been fully reinvested in acquired companies (with an expected FY19 ROI in excess of 20%); our FY19 and FY20 earnings are c 5% and, c 13% higher than when we initiated coverage in October and, while our absolute net debt projections have increased, relative to EBITDA our expected year-end multiples are 0.8x and 0.5x respectively for these years. In valuation terms, the company is trading on a single digit P/E of 7.2x and EBITDA of 6.0x for FY19 with good earnings growth to come thereafter.

FY18 results overview

FY18 results were in line with our estimates with good organic growth rates generally – particularly in Electrical Services and Fire Solutions – and this was supplemented by acquisition contributions in those two divisions. An improving debtor collection profile was the other notable feature of 2018 results and year-end net debt stood at £14.3m (or c £22m pro forma including Trinity).

Exhibit 1: PTSG divisional & interim splits

Dec y/e £m

H117

H217

2017

H118

H218

2018

Actual % ch y-o-y

LFL % ch y-o-y*

H118

FY18

H118

FY18

Group revenue

21.9

31.0

52.9

30.2

38.9

69.1

37.8%

30.5%

14%

10%

Access & Safety

9.1

11.1

20.2

7.9

9.4

17.3

-12.9%

-14.4%

-13%

-14%

Building Access Specialists

3.0

2.5

5.4

2.7

2.9

5.6

-8.6%

3.5%

-9%

4%

Electrical Services

7.4

12.8

20.2

13.4

17.5

30.9

81.7%

53.1%

16%

17%

Fire Solutions

2.5

4.6

7.1

6.2

9.1

15.3

146.6%

114.4%

77%

65%

Group operating profit*

4.4

6.3

10.6

5.9

9.0

14.9

35.0%

40.0%

11%

13%

Access & Safety

1.5

1.7

3.2

1.3

1.7

2.9

-14.0%

-7.4%

-14%

-7%

Building Access Specialists

0.7

0.6

1.2

0.6

0.8

1.4

-10.1%

12.6%

-10%

13%

Electrical Services

1.7

3.0

4.7

2.8

4.2

7.0

66.5%

49.2%

19%

12%

Fire Solutions

0.6

1.0

1.6

1.3

2.3

3.5

121.1%

124.3%

76%

58%

Group

0.0

0.0

0.0

-0.1

0.1

0.0

Source: Company data. Note: *Like-for-like (LFL) operating profit % change figures are Edison Investment Research estimates.

Access & Safety (FY18: 25% revenue, 20% EBIT and 17.0% EBIT margin, +120bp y-o-y)

Maintenance, inspection and testing of working safely at height solutions and design, installation and testing of permanent façade access and fall arrest equipment.

The divisional performance presented in Exhibit 1 above is all organic. A reduction in commercial installation work was evident in H1 and this continued in H2, with management attributing this to fewer cradle installation jobs. These are larger, lumpier projects and total installation revenues – versus an abnormally high FY17 - declined 31% y-o-y to more normal levels. More positively, higher margin maintenance and testing income grew by 13%. This suggests that the division continues to experience good client renewal rates and is also securing healthy new business levels in this area. As a consequence, the overall split between installation and compliance/testing workflows was broadly even for FY18 as a whole and contributed to the beneficial margin impact at divisional level, though absolute profitability was slightly lower. Looking ahead, management expects a similar level of cradle installation work in FY19 – though enquiry levels are building – and, with growth in maintenance and testing, other things being equal, this mix effect would point to some divisional margin progression in FY19. Investment in staff suggests that further organic growth is likely.

Building Access Specialists (8%, 9% and 24.5% EBIT margin, +200bp y-o-y)

High-level building services including surveys, installation, maintenance, remedial works & cleaning

As in Access & Safety, the reported FY18 divisional financial performance was all organic. The year was characterised by reduced exposure to commoditised lower margin work and greater focus on the specialist steeplejack and rope access service. Although we cannot quantify each of these effects, the net result was low single-digit divisional revenue growth in the year, a modest increase in staff levels but good year-end momentum. The successful new contract win activity flagged at the interim stage – and in part due to referrals from elsewhere in the group – converted to a c 18% y-o-y revenue pick-up in the second half (although the absolute numbers concerned are small context of the group). This also followed through into profitability, with improved gross margins feeding into 200bp EBIT progress to an above group average 24.5% for the year.

Electrical Services (45%, 47% and 22.6% EBIT margin, -60bp y-o-y)

Portable appliance and fixed wire testing and design, installation and testing of complete building lightning and surge protection systems.

This division was the group’s largest revenue and operating profit generator in FY18, growing both metrics by c 50% in absolute terms in the year. We estimate that organic progress was c 17% for revenue and c 12% for EBIT with the remainder coming from the annualised and in-year effects of three acquisitions1. Following a 78% y-o-y increase in revenues, we believe that secondary testing/ inspection activities represented c 60% of the divisional total while primary installation project revenues also rose strongly (+27%). The relative importance was not split out, but acquisitions contributed to this growth in both categories as did organic new business wins and, in the case of secondary revenue streams, high contract renewal rates on a rising contract base. The acquisitions themselves are now said to be fully integrated and trading ahead of pre-PTSG levels and this is clearly the case with the operating profit margin at Guardian, in excess of 30%, in its maiden 10-week contribution. On an annualised basis, this business represents around one quarter of revenues of the enlarged Electrical Services division and management sees a clear opportunity to add scale to it by incorporating repair and maintenance services to its core testing and compliance offering. This is supported by noting that the average number of divisional staff broadly doubled in FY18 (versus revenues up 53%); this indicates to us that the acquired businesses had lower average revenue per head. An aspiration to bring together PTSG’s Clarity scheduling platform with Guardian’s Traq-It customer interface system over time offers the prospect of improving engineer utilisation and more efficient commercial management, in this and other divisions in due course.

Electrical Services – 2017: Nimbus (Jan) and Brook Edgerley or ‘BEST’ (July) and 2018: Guardian Electrical Compliance (October).

Fire Solutions (22%, 24% and 23.2% EBIT margin, +100bp y-o-y)

Design, installation, testing, replacement, maintenance and certification of fire protection and suppression systems (including dry risers, sprinklers, alarms, emergency lighting & extinguishers).

This developing division delivered very high growth rates from both ongoing and two acquired operations (one in 2017 annualised and one part-year contribution in 20182). It has historically had the highest proportion of installation revenues reflecting the mix of the dry riser businesses brought into the group in 2016 and this was extended with the acquisition of M&P to over 80% of the divisional total in 2018. We would normally expect this to result in a lower than average blended gross margin, but demand for fire-related testing and compliance services has been high and an implicitly slimmer operating cost structure in the year together allowed the division to generate an above-average EBIT margin of 23.2%. Strategically, M&P improved the division’s geographic coverage and the post year-end acquisition of Trinity Fire and Security Systems is a genuinely transformational deal. First, it adds capability in electrical and electronic systems (eg alarms, lighting) to the existing mechanical portfolio (ie dry risers, sprinklers, extinguishers) which brings the opportunity to be an integrated solution provider in this area in respect of new business (both installation and secondary) and across the expanded existing client base. Secondly, c 60% of Trinity’s revenues are generated from test/inspection which moves this revenue stream to almost half of the enlarged division with total annualised revenues of c £55m. In context, Trinity adds c 330 staff – around half of which are field engineers – to the FY18 divisional average of 65. PTSG’s challenge is to raise engineer utilisation, integrate the field service offer and do so with an efficient operating structure to raise Trinity’s acquired EBIT margin of c 5% towards the divisional average over time. In the near term, Trinity will be margin dilutive but this starting point, the step up in scale and the potential to cross-sell service lines all represent significant opportunities to drive divisional profitability forward.

Fire Solutions – 2017: UK Sprinklers (September) and 2018: M&P Fire Protection (July).

Improving free cash flow and M&A effects

End FY18 net debt was £14.3m, £5.3m lower than at the start of the year. The major elements of this reduction were underlying positive free cash flow of just over £11m, total M&A-related outflows of c £22m and just over £20m of new equity proceeds. Rising cash dividend payments and year-end leases also featured.

EBITDA (including asset disposal profits) rose by £4.8m to £17.1m driven primarily by the Electrical Services and Fire Solutions divisional performances. As well as acquisition effects, there was clearly organic growth in the year although the associated working capital was less than seen in previous years (ie a £3.7m net outflow versus £7.9m in FY17). As we commented on initiation, debtors/receivables is the key line item here and several favourable effects are apparent. First, there was an absolute reduction in the level of accrued income relating to installation/project work, in part due to lower new cradle work but also to collection days outstanding (moving from 38 to 30 in FY18). Second, while trade receivables rose by c £5m y-o-y after a strong Q4 trading period the increase was partly mitigated by lower collection days (from 93 to 86). So, a combination of business mix, acknowledged faster payment from certain customer types and generally better commercial management by PTSG have all contributed to this outturn. Elsewhere in free cash flow generation, we note that net interest and tax payments were in line with their P&L equivalents and obviously higher y-o-y, while net capex was negligible with capex matched by asset disposal proceeds. Looking at M&A spending, the c £22m noted above comprised initial cash consideration of c £12m (the largest element being Guardian) and payments for fees/integration activities and deferred consideration, which are not reported as one line but which we have aggregated here.

Cash flow outlook: On a pro forma basis – including the £10.8m Trinity acquisition (£7.7m net of cash) in January – PTSG starts FY19 with c £22m net debt. Absent any new acquisitions but allowing for a c £1.7m loan note repayment, we expect PTSG to end the new trading year with net debt of c £18.8m, or 0.8x EBITDA. We would suggest that there is still room for improvement in trade debtor collection and days sales outstanding will continue to be a closely monitored metric.

Good growth anticipated

Management expects 2019 organic and acquisitive progress to result in further substantial earnings growth and stated that the new financial year had started well. For the record, we expect announced acquisitions (M&P, Guardian and Trinity) to contribute around three quarters of our FY19e EBIT uplift acknowledging that some of this will be organic for those businesses under PTSG’s stewardship (ie against pre-ownership profitability) and the impact at PBT level will be lower after taking interest adjustments into account.

In minor estimate revisions, we have not assumed a bounce back in cradle installation revenues in Access & Safety, but this is offset by better run rates of profitability in Electrical Services, against our earlier expectations. Otherwise, new FY21 forecasts extend our projected growth profile and contribute to a three-year EPS CAGR of 11.7%. Dividend growth is currently anticipated to be broadly half of this level (at 5.3%), with earnings cover above 7x. Although not currently factored into our estimates, we consider that further group acquisition activity is likely; in the absence of this, PTSG could clearly declare a faster rate of dividend growth than we currently expect.

Exhibit 2: PTSG revised estimates

EPS, fully diluted, normalised (p)

PBT, normalised (£m)

EBITDA (£m)

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

FY18

11.8

11.9

0.5

14.4

14.3

-0.7

17.3

17.1

-0.8

FY19e

13.6

13.6

---

19.7

19.7

---

23.4

23.2

-0.9

FY20e

14.6

15.2

4.1

22.3

23.1

3.6

26.2

27.0

3.1

FY21e

N/A

16.6

N/A

N/A

25.3

N/A

N/A

29.4

N/A

Source: Edison Investment Research. Note: 2018 Old = estimate, New = actual.

Exhibit 3: Financial summary

£'ms

2011

2012

2013

2014

2015

2016

2017

2018

2019e

2020e

2021e

December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

9.0

12.1

13.9

18.0

25.8

39.2

52.9

69.1

124.5

136.6

145.5

Cost of Sales

 

 

(3.7)

(4.9)

(5.5)

(7.7)

(11.8)

(18.9)

(25.9)

(34.1)

(65.2)

(71.6)

(76.2)

Gross Profit

 

 

5.3

7.1

8.4

10.3

14.0

20.3

27.1

35.0

59.3

65.0

69.3

EBITDA

 

 

2.0

3.3

3.8

4.7

6.2

9.0

12.3

17.1

23.2

27.0

29.4

Operating Profit (before GW and except.)

1.6

2.9

3.2

4.0

5.3

7.9

10.6

14.9

20.6

24.0

26.1

Intangible Amortisation

 

 

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

 

 

(0.9)

(0.1)

(0.5)

(2.5)

(4.2)

(4.8)

(8.4)

(10.5)

(7.2)

(6.9)

(6.2)

Other

 

 

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Operating Profit

 

 

0.7

2.8

2.6

1.5

1.1

3.0

2.3

4.4

13.4

17.1

19.9

Net Interest

 

 

(0.0)

(0.0)

(0.1)

(0.3)

(0.3)

(0.4)

(0.5)

(0.6)

(0.9)

(0.9)

(0.8)

Profit Before Tax (norm)

 

 

1.6

2.8

3.0

3.7

5.0

7.5

10.2

14.3

19.7

23.2

25.3

Profit Before Tax (FRS 3)

 

 

0.7

2.8

2.5

1.2

0.8

2.6

1.8

3.7

12.5

16.3

19.1

Tax

 

 

(0.1)

(0.6)

(0.6)

(0.6)

(0.3)

(0.3)

(0.5)

(0.7)

(3.0)

(4.2)

(4.5)

Profit After Tax (norm)

 

 

1.3

2.2

2.4

2.9

4.2

6.7

9.4

13.1

16.8

19.0

20.7

Profit After Tax (FRS 3)

 

 

0.5

2.2

1.9

0.5

0.5

2.3

1.3

3.1

9.6

12.1

14.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Number of Shares Outstanding (m)

 

 

 

 

77.1

85.9

88.1

96.8

110.3

123.7

124.7

125.2

EPS - normalised (p)

 

 

 

 

 

3.77

4.87

7.63

9.73

11.86

13.55

15.22

16.55

EPS - FRS 3 (p)

 

 

 

 

 

0.69

0.57

2.61

1.37

2.77

7.73

9.69

11.59

Dividend per share (p)

 

 

 

 

 

0

1.00

1.40

1.60

1.80

1.90

2.00

2.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin (%)

 

 

58.9

59.2

60.5

57.3

54.3

51.9

51.2

50.6

47.6

47.6

47.6

EBITDA Margin (%)

 

 

22.3

27.2

27.1

26.2

24.0

23.0

23.3

24.8

18.7

19.8

20.2

Operating Margin (before GW and except.) (%)

18.1

23.6

22.8

22.3

20.5

20.0

20.1

21.6

16.5

17.6

17.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Assets

 

 

2.5

3.4

4.6

5.0

13.9

16.0

32.1

45.8

53.7

54.4

53.2

Intangible Assets

 

 

1.8

2.4

3.5

3.6

10.7

12.4

26.2

40.1

47.0

47.7

46.5

Tangible Assets

 

 

0.6

0.9

1.1

1.3

2.4

3.2

4.3

5.6

6.6

6.6

6.6

Investments

 

 

0.1

0.0

0.0

0.0

0.8

0.4

1.6

0.0

0.0

0.0

0.0

Current Assets

 

 

2.5

4.3

5.9

8.3

13.5

27.4

40.8

51.4

60.1

69.0

84.7

Stocks

 

 

0.1

0.1

0.1

0.2

0.4

0.5

1.2

1.4

2.1

2.3

2.5

Debtors

 

 

2.4

3.6

5.4

8.1

13.1

20.3

32.5

39.5

54.6

59.4

62.9

Cash

 

 

0.1

0.6

0.4

0.0

0.0

6.5

7.0

10.5

3.3

7.3

19.3

Current Liabilities

 

 

(2.2)

(3.3)

(4.8)

(8.5)

(9.3)

(17.9)

(24.7)

(23.9)

(27.2)

(28.9)

(31.3)

Creditors

 

 

(2.0)

(3.1)

(3.2)

(5.7)

(8.3)

(8.6)

(11.2)

(12.3)

(26.0)

(27.8)

(30.2)

Short term borrowings

 

 

(0.2)

(0.3)

(1.6)

(2.7)

(1.0)

(9.4)

(13.5)

(11.5)

(1.1)

(1.1)

(1.1)

Long Term Liabilities

 

 

(0.1)

(0.3)

(4.6)

(3.6)

(9.2)

(13.4)

(15.7)

(15.8)

(22.5)

(21.8)

(21.8)

Long term borrowings

 

 

(0.1)

(0.3)

(4.1)

(3.1)

(6.6)

(10.8)

(13.1)

(13.3)

(21.0)

(21.0)

(21.0)

Other long term liabilities

 

 

0.0

0.0

(0.5)

(0.5)

(2.5)

(2.6)

(2.7)

(2.6)

(1.5)

(0.8)

(0.8)

Net Assets

 

 

2.7

4.1

1.2

1.1

8.9

12.0

32.4

57.5

64.1

72.7

84.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Cash Flow

 

 

2.0

2.4

1.8

2.6

(0.5)

0.6

(0.8)

4.7

13.0

16.7

22.3

Net Interest

 

 

(0.0)

(0.0)

(0.1)

(0.3)

(0.3)

(0.4)

(0.5)

(0.6)

(0.9)

(0.9)

(0.8)

Tax

 

 

(0.3)

(0.2)

(0.9)

(0.6)

(0.5)

(0.8)

(0.8)

(1.0)

(3.0)

(4.2)

(4.5)

Capex

 

 

(0.5)

(0.2)

(0.1)

(0.2)

(0.1)

(0.4)

(0.7)

0.1

(2.0)

(2.2)

(2.5)

Acquisitions/disposals

 

 

(0.1)

(0.3)

(0.8)

(0.7)

(3.3)

(2.7)

(16.1)

(13.6)

(9.4)

(3.0)

0.0

Financing

 

 

0.0

0.0

(4.0)

0.0

4.7

0.2

15.8

20.6

0.0

0.0

0.0

Dividends

 

 

(0.8)

(0.7)

(0.8)

(0.8)

(0.5)

(1.1)

(1.5)

(1.9)

(2.3)

(2.4)

(2.4)

Net Cash Flow

 

 

0.4

0.9

(4.9)

0.1

(0.6)

(4.7)

(4.6)

8.2

(4.5)

4.0

12.0

Opening net debt/(cash)

 

 

0.6

0.3

(0.1)

5.3

5.8

7.6

13.6

19.5

14.3

18.8

14.8

HP finance leases initiated

 

 

(0.0)

(0.3)

(0.4)

(0.5)

(0.6)

(1.0)

(1.0)

(1.7)

0.0

0.0

0.0

Other

 

 

0.0

(0.2)

(0.1)

(0.1)

(0.5)

(0.2)

(0.4)

(1.2)

(0.0)

0.0

0.0

Closing net debt/(cash)

 

 

0.3

(0.1)

5.3

5.8

7.6

13.6

19.5

14.3

18.8

14.8

2.8

Source: PTSG, Edison Investment Research. Note: PTSG was listed on AIM in February 2015; FY15 (and the FY14 comparative) were fully reported in April of that year and the prior year information shown above was taken from the company’s IPO document.

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This report has been commissioned by Premier Technical Services and prepared and issued by Edison, in consideration of a fee payable by Premier Technical Services. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

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This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

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1,185 Avenue of the Americas

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United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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