65p targeet5 Sep 2019 12:05
Investment view:Β Β We believe the structural cost savings delivered to date will have a significant impact on the business going into FY 2020, with major restructuring actions now behind them. While challenges remain, we see potential for the Group to return to its pre-IPO foundation to build a more efficient and stronger business from here.Β If we apply a P/E of 10x to what we our 2022E adj. EPS forecast, we arrive at an intrinsic value of 65p per share.