Hardman & Co Research: Sunshine after the rain

"The focus for the next few years is on relatively modest investment and on driving return on assets towards our medium-term target of 20% for each division". So said John van Kuffeler at the 16 January 2020 capital markets day. After an eventful 2019, 2020 (and beyond) is now all about operational delivery, the "boring" grinding out of profit from a franchise that has seen heavy investment over many years. We welcome this focus and think it will help deliver the 84% EPS growth (2021 on 2018) in current consensus estimates. The accompanying trading statement indicated 2019 results would be in line with market expectations. The shares rose 15% on the day.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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