Outlook: One year in
Creston has achieved its objectives for the first year of its five-year plan. The agencies have been brought under unified branding; gaps in the offer filled through acquisition, partnership agreements and minority stakes; and financing renegotiated on improved terms. The balance sheet is in good shape, back in net cash post recent acquisitions. Our model shows the 11% FY15 earnings growth being followed by gains of 6% in FY16 and FY17, despite the investment being made to drive the top line. The share price has rallied recently, yet remains at a discount to the sector.
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