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Ann: Business Update, page-33

  1. 1,799 Posts.
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    Unfortunately this is a very very bad business update. Revenue and cash conversion worse than my lowest estimates. Is it priced in now? Maybe, but we could see 25c.

    For those that are glass half full, the pipeline remains strong but there are more than a few concerns here. Just because it’s cheap doesn’t mean it’s worth a top up. I’ll likely hold as I think the thematic provides a medium term tailwind but there are much better opportunities elsewhere IMO
 
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