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With shares now trading on 24 times and 20 times 2016 and 2017's estimated PEs, for a company delivering 24% compound annual growth rate in earnings per share and with the prospects of materially higher cash returns, we find valuation highly compelling for this long-term core holding and reiterate our overweight rating and £12.50 price target.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com