Model update: remain Overweight
We are updating our AON model to reflect Q1 results, profitability trends and detailed commentary from management. As a result, our FY18 EPS forecast increases by 0.5% as the above-consensus 1Q18 earnings flow through into FY18, partially offset by a higher forecast tax rate for the rest of the year. We have also increased our FY19 EPS and FY20 EPS forecasts by 0.5% and 0.9% respectively given our expectations for a recovery in organic revenue growth in the smaller divisions. With the stock trading on less than 15x FY19 EPS, we reiterate our Overweight recommendation. Our price target remains at $165.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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