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Stronger balance sheet leads to big dividend hike

Smiths News 31 May 2022 Update
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Smiths News

Stronger balance sheet leads to big dividend hike

Interim results

Industrial support services

31 May 2022

Price

33p

Market cap

£82m

Net debt (£m) at 28 February 2022

38.8

Shares in issue

247.7m

Free float

100%

Code

SNWS

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(0.3)

3.3

(20.6)

Rel (local)

(0.7)

2.2

(24.1)

52-week high/low

45p

32p

Business description

Smiths News is the UK’s largest newspaper and magazine distributor with a c 55% market share covering 24,000 retailers in England and Wales. It has a range of long-term exclusive distribution contracts with major publishers, supplying a mix of supermarkets and independent retailers.

Next events

H2 trading update

August 2022

Preliminary results

9 November 2022

Analyst

Andy Murphy

+44 (0)20 3077 5700

Smiths News is a research client of Edison Investment Research Limited

Smiths News management again delivered on its promises and produced a strong set of interim results, with PBT up 6.3% and EPS up 10.9%. The interim dividend was nearly tripled due to a combination of already announced loosened banking arrangements and considerably lower debt levels. This implies a full-year dividend of 4.2p, which could offer investors a yield of c 13%. Underlying market conditions continue to normalise and with the one-off proceeds now received, we have increased our valuation from 81.5p to 92p a share, nearly three times the current share price.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

08/20

1,164.5

28.2

10.4

0.0

3.2

N/A

08/21

1,109.6

31.9

11.3

1.5

2.9

4.5

08/22e

1,076.3

30.3

10.7

4.2

3.1

12.7

08/23e

1,044.0

30.5

10.2

4.2

3.2

12.7

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

EPS up 10.9% and dividends tripled

Revenue came in at £544.8m, down just 1.2%, which is a good result in a structurally declining market. Adjusted EBITDA (ex IFRS leases) rose 1.0% to £20.7m, with PBT increasing 6.3% to £15.3m and EPS rising 10.9% to 5.1p. An interim dividend of 1.4p has been proposed, almost 3x the 2021 level. Free cash flow nearly tripled to £17.5m, benefiting by £6.5m from the Tuffnells disposal and £8.1m from the winding up of a pension scheme. The company ended the period with net bank debt of £38.8m, down from £70m at the same point last year.

FY dividend of 4.2p/£10m implies a yield of c 13%

A combination of factors suggests a potential full-year dividend of 4.2p/share at a cost of £10m. First, in December 2021, the company’s banks loosened their dividend payout restrictions from £6m pa to £10m pa as debt continued to fall, trading recovered and one-off cash inflows looked increasingly likely. Smiths News has declared a 1.4p/share dividend at the interims and we assume an H1/H2 payout ratio of one-third/two-thirds, which leads to our full-year estimate of 4.2p. At this level, it implies dividend cover of over 2x and a full-year dividend yield of c 13%. The recent purchase of McColl’s Retail Group (c 5% of group revenue) from administration by Morrisons may lead to a bad debt of up to £4.5m, which we have reflected in forecasts, but it is not expected to affect FY22 dividend payments.

Valuation: Raised again, from 81.5p to 92p/share

We have lifted our valuation of Smiths News again, this time from 81.5p to 92p/share based on our DCF model, as we have now included one-off cash flows from the pension refund and the deferred disposal proceeds. The revised valuation also reflects the current strategy, which is to generate cash, pay down debt and return surplus cash to shareholders via dividends and ‘special’ payments. In absolute terms, Smiths News trades on an FY22e P/E of 3.1x, which offers a yield of c 13%. In our experience, when ‘safe’ dividend yields exceed P/Es in absolute terms, it highlights a significant value opportunity.

Summary of interim results and their implications

The underlying markets demonstrated considerably more stability than in recent comparable periods, with revenue declining just 1.2%. Mix and cost savings were beneficial, which resulted in a modest 1.1% increase in operating profit. Underlying market conditions have broadly returned to normalised activity levels with some further recovery expected as the commuter and particularly the travel sectors fully reopen. Our underlying forecasts remain unchanged, but we have raised our valuation from 81.5p to 92p/share as the pension refund and deferred proceeds from the Tuffnells disposal have now been received, and we have reflected the potential McColl’s bad debt in our forecasts.

Revenue decline less than expected and profits up

Revenue came in at £544.8m, down just 1.2%, which relatively speaking is a good result in a structurally declining market. The underlying market was much more stable than in the comparable period and sales benefited from a favourable mix and OneShots revenue. Total profit also benefited from sales of higher-margin one-shot and specials (football stickers and Pokemon trading cards), up 45.2%, and £1.5m from additional revenue from utilising spare warehouse space.

Inflationary pressures were a key feature of the period and were largely driven by driver shortages and wage inflation, minimum wage increases and higher fuel costs. Smiths has a well-rehearsed cost-saving programme in place to mitigate these cost increases and it is expected the full-year net impact of inflation will be c £2.0m, in line with previous guidance. Some of these cost pressures, especially the rise in the national minimum wage and higher fuel costs, are likely to persist into the next financial year.

Exhibit 1: Summary of reported interim results

£m

2020

H1

H2

2021

H1

Total revenue

1,164.5

551.6

558.0

1,109.6

544.8

% change

-10.7%

-11.5%

3.1%

-4.7%

-1.2%

Cost of goods sold

(1,091.4)

(515.9)

(520.3)

(1,036.2)

(508.0)

% change

-10.4%

-11.3%

2.1%

-5.1%

-1.5%

Gross profit

73.1

35.7

37.7

73.4

36.8

Gross margin

6.3%

6.5%

6.8%

6.6%

6.8%

Total admin expenses

(38.1)

(16.9)

(17.0)

(33.9)

(17.9)

% change

-11.2%

-22.1%

3.7%

-11.0%

5.9%

Income from JV

0.1

0.1

0.0

0.1

0.2

Total adjusted operating profit

35.1

18.9

20.7

39.6

19.1

% change

-19.5%

-5.0%

36.2%

12.8%

1.1%

Total adjusted operating profit margin

3.0%

3.4%

3.7%

3.6%

3.5%

Source: Smiths News data, Edison Investment Research

Despite the cost pressures, the gross margin increased 30bp to 6.8% and the operating margin edged up 10bp to 3.5%. By comparison, the gross and operating margins are 20bp and 30bp higher than H120, which was a period largely unaffected by COVID-19 (February period end).

Underlying market commentary

The underlying newspaper and magazine markets were increasingly more stable in the period as COVID-19 restrictions were lifted. Combined newspaper and magazine sales were down 1.6%, which was the net of monthly magazine sales (+1.1%), weekly magazine sales (-2.6%) and newspapers (-2.9%). It appears that demand trends are returning to the previously anticipated annual decline rate of c 3–5%.

That said, there appears to be further recovery to come from sales in high-volume outlets positioned to benefit from increased travel and commuting as the last effects of COVID-19 restrictions are ‘normalised’.

Exhibit 2: Sales performance of newspapers and magazines (including one shots)

Source: Smiths News

Unchanged trading forecasts; dividend raised materially

Following the interim results, which were in line with management expectations, we have made no material changes to either our revenue or ‘normalised’ operating profit assumptions and the numerical differences in ‘EBITDA – Edison basis’ and ‘normalised’ operating profit simply reflect changes in exceptional costs and exceptional income, see Exhibit 3. However, there are notable changes in the dividend and the net debt forecasts.

In H1, Smiths News received a pension refund net of tax of £8.1m, and £6.5m being the first instalment of the deferred consideration from the disposal of Tuffnells. It has since received a final payment of £7.5m, which replaced two staggered deferred payments of £4.25m each. We have also assumed Smith News suffers a £4.5m bad debt in H222 being the worse-case position following the administration of McColl’s. These positive and negative cash inflows have contributed to a net reduction in our forecast full-year net bank debt from £27.9m, to £21.4m. We expect net debt to fall to £6.7m in FY23.

The other material change is to our dividend expectations, where we had previously forecast a total dividend of 2.3p/share (£6m cost in total) in both FY22 and FY23. Given the material decline in debt and the previously announced loosening of banking restrictions, we now expect a total dividend for both years of 4.2p/share, which has a cost of £10m each year in line with the revised banking arrangements.

At this revised level, the dividend is c 2.3x covered by earnings and Smiths News yields nearly 13%. The P/E ratio for FY22 is a very undemanding 3.1x.

Exhibit 3: Forecast revisions

2021

2022

2023

Year end August (£m unless stated)

Old

New

% chg

Old

New

% chg

Revenue

1,109.6

1,065.2

1,076.3

1.0%

1,022.6

1,044.0

2.1%

y-o-y % change

-

(4.0%)

(3.0%)

-

(4.0%)

(3.0%)

-

EBITDA – Edison basis

44.9

41.1

41.9

2.0%

41.9

40.7

(2.8%)

y-o-y % change

-

(8.5%)

(6.7%)

-

1.9%

(2.8%)

-

EBITDA – reported pre IFRS 16

 

42.6

38.8

39.6

2.1%

39.6

38.4

(3.0%)

y-o-y % change

 

-

(8.9%)

(7.0%)

-

2.1%

(3.0%)

-

Normalised operating profit

40.6

36.6

37.4

2.2%

37.3

36.1

(3.1%)

y-o-y % change

-

(9.9%)

(7.9%)

-

1.9%

(3.4%)

-

PBT (reported, post-exceptionals)

30.6

28.1

24.7

(12.0%)

30.3

28.5

(4.2%)

y-o-y % change

-

(8.2%)

(19.2)%

-

7.8%

15.4%

-

EPS – diluted, normalised (p)

10.8

9.8

10.2

4.5%

10.2

9.8

-4.2%

y-o-y % change

-

(9.5%)

(5.4%)

-

4.1%

(4.6%)

-

DPS (p)

1.5

2.3

4.2

82.6%

2.3

4.2

82.6%

y-o-y % change

-

53.3%

180.0%

-

0.0%

0.0%

-

Net debt (pre IFRS 16)

(53.2)

(27.9)

(21.4)

(23.1%)

(10.0)

(6.7)

(33.1%)

y-o-y % change

-

(47.6%)

(59.7%)

-

(64.2%)

(68.8%)

-

Source: Smiths News data, Edison Investment Research

Pension refund and deferred proceeds lift valuation to 92p/share

Although we have largely retained our existing forecasts, we have now reflected the £8.1m pension refund, the now received Tuffnells disposal proceeds of £14m and the potential McColl’s bad debt in our estimates and discounted cash flow (DCF) valuation model. We have chosen to value Smiths News on a DCF basis because the decline in revenue is relatively constant, the reduction in the cost base is also factored into management action and the company has a track record of delivering. Therefore, we believe that the profits and cash flow of the company are likely to be relatively robust and to decline only slowly over an extended period.

Our key assumptions include:

revenue declines of c 5% pa, a combination of volume declines of 8–9% and annual price rises of c 3–4%;

constant operating margins of 3.3%, a reflection of cost base action;

a terminal growth rate of -5% pa; and

a WACC of 7.5%, reflecting the cost of equity of 7.5% as the company would be debt free quite early in the modelling period.

Plugging these assumptions into our DCF model gives a valuation of 91.9p, up from 81.5p principally due to the inclusion of the net proceeds as described above.

The sensitivity table below illustrates how the valuation fluctuates with differing terminal value (TV) growth rates and WACCs. The current share price of c 33p is discounting a TV decline of c 10% and a WACC of c 20%, roughly twice and three times respectively the rates assumed in our base case scenario.

Exhibit 4: Smiths News DCF value per share sensitivity (p/share)

Terminal growth rate (%)

0.0%

-2.5%

-5.0%

-7.5%

-10.0%

WACC (%)

8.0%

108.2

95.3

97.3

81.8

77.9

7.5%

115.6

100.5

91.9

85.3

81.0

7.0%

124.0

106.3

95.9

89.1

84.2

6.5%

133.8

112.7

100.8

93.1

87.7

6.0%

145.1

119.9

106.1

97.4

91.4

Source: Edison Investment Research

Exhibit 5: Financial summary

£'m

2019

2020

2021

2022e

2023e

2024e

31-August

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

1,303.5

1,164.5

1,109.6

1,076.3

1,044.0

1,012.7

Cost of Sales

(1,217.5)

(1,091.4)

(1,036.2)

(1,004.7)

(974.5)

(945.3)

Gross Profit

86.0

73.1

73.4

71.7

69.5

67.4

EBITDA

 

 

60.1

40.4

44.9

41.9

40.7

39.6

Normalised operating profit

 

 

44.0

35.4

40.6

37.4

36.1

35.0

Amortisation of acquired intangibles

(0.1)

(0.2)

0.0

0.0

0.0

0.0

Exceptionals

(7.2)

(7.8)

(1.9)

(2.5)

(1.0)

(1.0)

Share-based payments

(0.4)

(0.3)

(1.0)

(1.0)

(1.0)

(1.0)

Impairment

0.0

(6.0)

(1.6)

0.0

0.0

0.0

Other

0.0

0.0

(0.3)

(4.5)

0.0

0.0

Reported operating profit

36.3

21.1

35.8

29.4

34.1

33.0

Net Interest

(6.0)

(7.2)

(8.7)

(7.1)

(5.6)

(5.2)

Joint ventures & associates (post tax)

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

38.0

28.2

31.9

30.3

30.5

29.8

Profit Before Tax (reported)

 

 

30.3

14.8

30.6

24.7

28.5

27.8

Reported tax

(8.4)

(2.8)

(4.3)

(4.9)

(6.3)

(6.9)

Profit After Tax (norm)

29.6

25.4

27.6

25.4

24.3

22.8

Profit After Tax (reported)

21.9

12.0

26.3

19.8

22.3

20.8

Discontinued operations

(53.4)

(18.7)

(0.1)

(0.1)

0.0

0.0

Net income (normalised)

29.6

25.4

27.6

25.4

24.3

22.8

Net income (reported)

(31.5)

(6.7)

26.2

19.7

22.3

20.8

Basic average number of shares outstanding (m)

246

245

244

237

237

237

EPS - basic normalised (p)

 

 

12.01

10.39

11.33

10.73

10.24

9.64

EPS - diluted normalised (p)

 

 

11.98

10.28

10.83

10.25

9.77

9.20

EPS - basic reported (p)

 

 

(12.78)

(2.74)

10.76

8.33

9.39

8.80

Dividend (p)

1.00

0.00

1.50

4.20

4.20

4.20

Revenue growth (%)

N/A

(10.7)

(4.7)

(3.0)

(3.0)

(3.0)

Gross Margin (%)

6.6

6.3

6.6

6.7

6.7

6.7

EBITDA Margin (%)

4.6

3.5

4.0

3.9

3.9

3.9

Normalised Operating Margin

3.4

3.0

3.7

3.5

3.5

3.5

BALANCE SHEET

Fixed Assets

 

 

31.5

66.5

47.1

34.4

25.2

(5.8)

Intangible Assets

10.1

4.0

2.3

(1.5)

(5.5)

(9.5)

Tangible Assets

10.9

9.4

9.4

(3.4)

(2.2)

(1.0)

Investments & other

10.5

53.1

35.4

39.3

32.9

4.7

Current Assets

 

 

181.2

165.9

139.1

135.4

132.0

128.6

Stocks

16.2

14.1

13.2

12.9

12.5

12.2

Debtors

124.2

101.2

106.6

103.3

100.2

97.2

Cash & cash equivalents

24.0

50.6

19.3

19.2

19.2

19.2

Other

16.8

0.0

0.0

0.0

0.0

0.0

Current Liabilities

 

 

(229.7)

(283.9)

(167.5)

(130.6)

(111.9)

(85.2)

Creditors

(173.7)

(139.5)

(136.5)

(131.3)

(127.4)

(106.3)

Tax and social security

0.0

(1.7)

(0.3)

(0.3)

(0.3)

(0.3)

Short term borrowings

(46.1)

(130.1)

(21.2)

10.6

25.3

21.4

Other

(9.9)

(12.6)

(9.5)

(9.5)

(9.5)

0.0

Long Term Liabilities

 

 

(57.3)

(30.1)

(76.4)

(70.4)

(64.4)

(55.4)

Long term borrowings

(49.3)

0.0

(50.1)

(50.1)

(50.1)

(50.1)

Other long term liabilities

(8.0)

(30.1)

(26.3)

(20.3)

(14.3)

(5.3)

Net Assets

 

 

(74.3)

(81.6)

(57.7)

(31.1)

(19.1)

(17.8)

CASH FLOW

Op Cash Flow before WC and tax

60.1

40.4

44.9

41.9

40.7

39.6

Working capital

(3.9)

(5.3)

(1.8)

(1.6)

(0.5)

(17.7)

Exceptional & other

(7.7)

(13.4)

(1.3)

(5.6)

(2.0)

(2.0)

Tax

(2.6)

0.0

(6.3)

(4.9)

(6.3)

(6.9)

Other

(22.9)

1.7

5.9

14.0

7.0

7.0

Net operating cash flow

 

 

23.0

23.4

41.4

43.8

39.0

20.0

Capex

(8.1)

5.3

(2.4)

(4.2)

(4.2)

(4.2)

Acquisitions/disposals

0.0

(10.2)

6.5

14.0

0.0

0.0

Net interest

(5.1)

(8.0)

(9.4)

(4.9)

(3.4)

(3.0)

Equity financing

0.0

(0.7)

(2.6)

(2.5)

(0.8)

(0.8)

Dividends

0.1

(2.2)

(1.0)

(5.7)

(9.9)

(9.9)

Other

(2.8)

(15.6)

(5.9)

(8.7)

(6.0)

(6.0)

Net Cash Flow

7.1

(8.0)

26.6

31.8

14.8

(3.9)

Opening net debt/(cash)

 

 

79.3

72.1

79.7

53.2

21.4

6.7

FX

0.1

(0.1)

(0.2)

0.0

0.0

0.0

Other non-cash movements

0.0

0.5

0.1

0.0

0.0

0.0

Closing net debt/(cash)

 

 

72.1

79.7

53.2

21.4

6.7

10.6

Source: Company data and Edison Investment Research

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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.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

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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Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

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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