Compass Group on Track for a Decent 2018
Narrow-moat Compass Group reported a robust set of first-half results with organic revenue growth of close to 5%. While margins declined 10 basis points year over year to 7.5%, this level is in line with the full-year 2017 result and our expectations for full-year 2018. We do not expect to make any changes to our forecasts on the back of these results and reiterate our GBX 1,670 fair value estimate. We currently see modest upside to our fair value estimate following a mini-run in the share price...
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