Raising Fair Value Estimate Marginally for Narrow-Moat Compass as GBP Weakness Persists
We have revised our full-year 2016 revenue and earnings assumptions for narrow-moat Compass Group upward by just over 4%, following sustained weakness in the British pound. We increase our fair value estimate by 5% to GBX 1390, but we believe the shares are close to fair value, based on the prevailing share price.Despite its FTSE 100 listing, Compass generates only around 11% of its revenue from the United Kingdom; hence, the company has been one of the big beneficiaries of the currency transla...
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