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We have updated our figures with 2015 finals and given a slightly more positive twist to 2016 after strong Q1 revenue figures on a pro forma basis.
Strong Q1 revenues help support the case for a solid outlook in both 2016 and 2017. We record a small increase in bottom lines as a result.
The DCF based valuation gains from allowing for the strong 2016 net cash situation and the cancellation of a mistake on outyear tax payment in previous modelling.