PPHE Hotel Group — Asset value growth to the fore

PPHE Hotel Group (LN: PPH)

Last close As at 24/06/2024

1,070.00

0.00 (0.00%)

Market capitalisation

455m

More on this equity

Research: Consumer

PPHE Hotel Group — Asset value growth to the fore

PPHE continues to please, with resilient H1 operating results complemented by first-time disclosure of EPRA reporting, which highlights its real estate business with EPRA NAV of £24.21 at June 2018, significantly ahead of the current share price. A fine record of value creation (21% CAGR in NAV over the seven years to end-2017, as newly presented) should underpin the company’s ability to leverage on its assets, in addition to reinvestment potential from £152m excess cash. H1 saw maintained like-for-like EBITDA against a “very strong” comparative in London, PPHE’s major market, and renovations in the Netherlands. Encouraging trading in its seasonally stronger H2 supports guidance that 2018 expectations are unchanged. The interim dividend is raised by 45%.

Richard Finch

Written by

Richard Finch

Analyst, Consumer

Consumer

PPHE Hotel Group

Asset value growth to the fore

Half-year results

Travel & leisure

4 October 2018

Price

1,620p

Market cap

£685m

Net bank debt (£m) at June 2018

474.0

Shares in issue

42.3m

Free float

23%

Code

PPH

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

8.4

9.5

50.7

Rel (local)

8.7

10.8

49.6

52-week high/low

1620p

1038p

Business description

PPHE Hotel Group (formerly Park Plaza Hotels) is an integrated owner and operator of four-star, boutique and deluxe hotels in gateway cities, regional centres and select resort destinations, predominantly in Europe.

Next events

Trading update

Late October 2018

Edison London site visit and roadshow

8 and 15 November

Analysts

Richard Finch

+44 (0)20 3077 5700

Paul Hickman

+44 (0)20 3681 2501

PPHE Hotel Group is a research client of Edison Investment Research Limited

PPHE continues to please, with resilient H1 operating results complemented by first-time disclosure of EPRA reporting, which highlights its real estate business with EPRA NAV of £24.21 at June 2018, significantly ahead of the current share price. A fine record of value creation (21% CAGR in NAV over the seven years to end-2017, as newly presented) should underpin the company’s ability to leverage on its assets, in addition to reinvestment potential from £152m excess cash. H1 saw maintained like-for-like EBITDA against a “very strong” comparative in London, PPHE's major market, and renovations in the Netherlands. Encouraging trading in its seasonally stronger H2 supports guidance that 2018 expectations are unchanged. The interim dividend is raised by 45%.

Year end

Revenue (£m)

EBITDA
(£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

EV/EBITDA
(x)

12/16

272.5

94.1

34.2

69.9

21.0**

13.4

12/17

325.1

107.3

34.5

64.2

24.0

10.1

12/18e

340.0

112.0

38.0

68.8

34.0

10.0

12/19e

350.0

118.0

44.0

81.6

36.0

9.3

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Plus 100p special dividend.

H1 defiance

Despite headwinds in PPHE’s two main first-half markets (London and Amsterdam), like-for-like EBITDA held steady on 4% higher revenue. While regional performance is not disclosed, we assume core London RevPAR to have matched the market, which was down 1% against recovery-led +10% buoyancy in H117. The 7% rise in UK EBITDA was driven by key 2017 openings, Waterloo and Park Royal, which are maturing well. Also as expected, the Netherlands shortfall (EBITDA down 5%) was due to renovations (estimated 7% rooms off with associated disruption), notably at flagship Victoria Amsterdam. By contrast, Croatia, usually lossmaking in H1, moved into profit, thanks to 10% higher revenue, boosted by a favourable calendar and investment. Germany and Hungary gained across the board (EBITDA up by 26%).

More of the same

On stated investment plans, we remain comfortable with our H218 forecasts, bar slight adjustment to mix and net debt (raised 4%). EBITDA growth will be driven by investment in London, Croatia and Amsterdam, while H1 shows costs in core London can be contained (we still expect lower y-o-y margin). 2019 is less clear, as management focuses on exploiting flexibility post-Waterloo and Arena fund-raising.

Valuation: Way to go

While refinancing valuations had drawn attention to substantial hidden reserves, EPRA reporting should enhance recognition of PPHE’s investment case. EPRA NAV of £24.21 at June 2018 means an excess of c £680m over book value. Likely investment activity should accentuate this, given the strong development record. In operational terms, at 10x 2018e EV/EBITDA excluding the Waterloo finance lease, the rating compares well with an average of c 11x 2018e for branded European peers.

Financials

Exhibit 1: Analysis of revenue and profit

Year-end December (£m)

H117

H217

FY17

H118

H218e

FY18e

2019e

Revenue

UK

London

RevPAR

£130

£150

£140

£128

£152

£140

£140

Change

+10%

Flat

+4%

-1%

+1%

Flat

Flat

Available rooms

2052*

2052*

2052*

2052*

2052*

2052*

2072*

Room revenue

48.2

56.3

104.5

47.5

57.5

105.0

106.0

Non-room revenue

22.5

23.0

45.5

22.2

23.3

45.5

46.0

Existing revenue

70.7

79.3

150.0

69.7

80.8

150.5

152.0

Waterloo + Park Royal**

9.8

14.2

24.0

14.5

18.5

33.0

38.5

Total London revenue

80.5

93.5

174.0

84.2

99.3

183.5

190.5

Leeds and Nottingham

5.1

6.7

11.8

5.4

7.1

12.5

12.5

UK

85.6

100.2

185.8

89.6

106.4

196.0

203.0

Netherlands (€m)***

28.9

25.2

54.1

28.2

27.8

56.0

58.0

Exchange rate

1.16

1.12

1.14

1.14

1.14

1.14

1.14

Netherlands

24.9

22.4

47.3

24.8

24.2

49.0

51.0

Croatia (HRKm)

125.2

354.6

479.8

137.3

363.7

501.0

513.0

Exchange rate

8.64

8.40

8.52

8.42

8.28

835

8.28

Croatia

14.5

41.8

56.3

16.3

43.7

60.0

62.0

Germany and Hungary****

14.4

16.3

30.7

15.9

14.1

30.0

29.0

Owned & leased hotels

139.4

180.7

320.1

146.6

188.4

335.0

345.0

Management and holdings

2.4

2.6

5.0

2.2

2.8

5.0

5.0

TOTAL

141.8

183.3

325.1

148.8

191.2

340.0

350.0

EBITDA

UK

London

Existing

23.4

29.1

52.5

22.5

29.0

51.5

50.5

Margin

33%

37%

35%

32%

36%

34%

33%

Waterloo + Park Royal**

1.8

4.2

6.0

4.5

5.9

10.4

12.3

Total London EBITDA

25.2

33.3

58.5

27.0

34.9

61.9

62.8

Leeds and Nottingham

0.8

1.2

2.0

0.9

1.2

2.1

2.2

UK

26.0

34.5

60.5

27.9

36.1

64.0

65.0

Netherlands (€m)***

8.8

6.4

15.2

8.1

7.4

15.5

17.3

Exchange rate

1.16

1.12

1.14

1.14

1.14

1.14

1.14

Netherlands

7.5

5.8

13.3

7.1

6.4

13.5

15.2

Croatia (HRKm)

Neg.

159.1

159.1

0.8

167.7

167.5

182.0

Exchange rate

8.64

8.40

8.51

8.42

8.28

8.35

8.28

Croatia**

Neg.

18.7

18.7

0.1

19.9

20.0

22.0

Germany and Hungary****

1.7

2.6

4.3

2.1

2.9

5.0

5.3

Owned & leased hotels

35.2

61.6

96.8

37.2

65.3

102.5

107.5

Management and holdings

4.7

5.8

10.5

3.4

6.1

9.5

10.5

TOTAL

39.9

67.4

107.3

40.6

71.4

112.0

118.0

Source: Edison Investment Research. Note: *Rooms off at Sherlock Holmes (estimated 30 in 2017 and 2018 and 10 in 2019). **December 2016 Waterloo (494 rooms) and April 2017 Park Royal (212 rooms). ***Rooms off notably in Amsterdam (Victoria H217 and H118 and Vondelpark H218 and H119). ****Termination of Dresden lease (174 rooms) and rooms off at art’otel berlin kudamm (estimated 50 in H218 and 2019).


Exhibit 2: Financial summary

£000s

2015

2016

2017

2018e

2019e

Year-end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

218,700

272,500

325,100

340,000

350,000

EBITDA

 

 

80,100

94,100

107,300

112,000

118,000

Operating Profit (before amort and except)

 

63,100

70,900

75,400

80,000

86,000

Intangible Amortisation

(2,000)

(2,500)

(2,400)

(2,500)

(2,500)

Operating Profit

61,100

68,400

73,000

77,500

83,500

Net Interest

(29,300)

(34,900)

(40,600)

(42,000)

(42,000)

Associates

(2,000)

(1,800)

(300)

0

0

Exceptionals

(1,800)

6,500

(400)

11,300

0

Profit Before Tax (norm)

 

 

31,800

34,200

34,500

38,000

44,000

Profit Before Tax (FRS 3)

 

 

28,000

38,200

31,700

46,800

41,500

Tax

1,200

(100)

(1,700)

(2,000)

(2,500)

Profit After Tax (norm)

33,000

34,100

32,800

36,000

41,500

Profit After Tax (FRS 3)

29,200

38,100

30,000

44,800

39,000

Average Number of Shares Outstanding (m)

41.8

42.2

42.2

42.3

42.3

EPS - normalised (p)

 

 

76.1

69.9

64.2

68.8

81.6

EPS - normalised fully diluted (p)

 

 

76.1

69.9

64.2

68.8

81.6

EPS - (IFRS) (p)

 

 

69.9

83.2

57.6

89.4

74.9

Dividend per share (p)

20.0

21.0

24.0

34.0

36.0

EBITDA Margin (%)

36.6

34.5

33.0

32.9

33.7

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

28.9

26.0

23.2

23.5

24.6

BALANCE SHEET

Fixed Assets

 

 

885,600

1,122,300

1,220,200

1,253,000

1,233,000

Intangible Assets

21,900

25,200

23,600

23,000

23,000

Tangible Assets

687,500

947,200

1,037,200

1,074,000

1,055,000

Income units sold to private investors

125,500

122,500

121,200

118,000

115,000

Investments

50,700

27,400

38,200

38,000

40,000

Current Assets

 

 

71,700

195,600

319,800

261,000

276,000

Restricted deposits

3,200

25,500

25,500

25,000

25,000

Stocks

1,000

2,400

2,700

3,200

3,200

Debtors

9,100

12,600

13,400

13,800

13,800

Cash

50,600

144,700

265,700

205,000

220,000

Other

7,800

10,400

12,500

14,000

14,000

Current Liabilities

 

 

(59,900)

(173,000)

(93,100)

(76,000)

(80,000)

Creditors

(48,500)

(54,700)

(60,200)

(61,000)

(60,000)

Deposits from unit holders

0

0

0

0

0

Short term borrowings

(11,400)

(118,300)

(32,900)

(15,000)

(20,000)

Long Term Liabilities

 

 

(629,500)

(814,700)

(1,006,000)

(973,000)

(948,000)

Long term borrowings

(440,100)

(642,100)

(666,900)

(655,000)

(640,000)

Financial liability to unit holders

(136,200)

(134,000)

(131,600)

(128,000)

(128,000)

Other long term liabilities

(53,200)

(38,600)

(207,500)

(190,000)

(180,000)

Net Assets

 

 

267,900

330,200

440,900

465,000

481,000

CASH FLOW

Operating Cash Flow

 

 

83,200

79,500

114,000

112,000

118,000

Net Interest

(32,500)

(37,300)

(43,100)

(41,000)

(41,000)

Tax

(100)

0

(700)

(1,400)

(2,000)

Capex

(63,100)

(87,300)

(107,000)

(55,000)

(35,000)

Acquisitions/disposals

(3,600)

(64,300)

152,400

(35,000)

0

Exchange rate

6,000

(26,700)

(9,000)

1,000

0

Dividends

(8,300)

(50,600)

(9,300)

(12,500)

(14,800)

Other

(5,800)

(500)

79,500

0

(200)

Net Cash Flow

(24,200)

(187,200)

176,800

(31,900)

25,000

Opening net debt/(cash)

 

 

373,500

397,700

584,900

408,100

440,000

HP finance leases initiated

0

0

0

0

0

Other

0

0

0

0

0

Closing net debt/(cash)

 

 

397,700

584,900

408,100

440,000

415,000

Source: PPHE, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by PPHE Hotel Group and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. 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. This document is provided 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.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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

295 Madison Avenue, 18th Floor

10017, New York

US

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by PPHE Hotel Group and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. 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. This document is provided 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.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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

295 Madison Avenue, 18th Floor

10017, New York

US

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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Healthperm Resourcing — Positive H118 results

Healthperm’s H118 results showed strong revenue growth of 188% and a 281% rise in gross profit. Revenue was boosted by a 188% rise in the number of candidates deployed and gross profit has benefited from an improved mix. The company remains loss making as its ramp-up phase continues but the outlook is positive, supported by a good run of contract wins and entry into new markets. We have maintained our estimates and valuation.

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