EarningsGAAP earnings missed by 10% on a $58m exceptional repositioning costs, which will have a 2H cash impact.
Financial PerformanceAdjusted EBITA came in at $590m, a 0.6% miss versus consensus as margin fell 20bp YoY, 20bp below expectations.
Revenue GrowthThere is limited scope for further margin and multiple expansion, leading to a downgrade to Equal Weight.