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Devaluation releases further upside
We model for a further devaluation of the EGP (from current official rate of EGP 8.8) and raise USD/EUR-denominated P&L component accordingly on net translation gainsWe cut our medium-term backlog growth estimates (FY 15- 21e CAGR 9% down from 11%+) to reflect normalized award momentum following outstanding performance in FY 14-15A
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