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There is some modest scope for upgrades, although caution is still required.
The shares trade on a 2015 estimated PE of 15 times, with scope for upgrades as synergy numbers increase and the timeframe in which they are achieved shortens.
However, we see only limited scope for upgrades to our forecasts in the near term, and Merlin trades on 20.9 times 2016 estimated PE versus our European leisure coverage on 19.4 times.
Similarly, a study done in Fiji, Samoa and Tonga found a limited scope for upgrading qualifications, lack of promotion and career prospects and career structure as reasons for dissatisfaction and migration among doctors [ 11, 42, 47, 48].
There is scope for modest upgrades and we retain our hold recommendation.
Onboard power and cooling capacities limits the scope of upgrades, which often involves the addition of more power-hungry avionics.
These will need to be manually switched in the initial release, but HTC tells TechCrunch there is scope for a firmware upgrade to support automatic switching based on contextual awareness in future, thanks to the built in GPS.
"Only bring your run down camping gear and then stick around on the last day to scope out an upgrade.
We are buyers ahead of the update and see scope for further outperformance on the back of upgrade momentum.
Acciona Aqua has been contracted to support Monadelphous's design and construct scope for Unitywater's Kawana Sewage Treatment Plant upgrade on the Sunshine Coast in Queensland, Australia.
A microcalcification cluster size >10 mm appeared predictive for upgrade.
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