reports
- Victor Dima
SNH GR: Reiterate Buy, but lower our TP by 2.0% on a softer Mattress F...
​ Re-iterate Buy, but lower our TP by 2.0% to EUR 5.8/share (implying a 25.5% upside) after H1 17A results.  Solid organic growth, 20bps y/y improvement in EBIT margin in H1 17A and 12.8%/10.2% DHEPS growth in FY 18/19e, support our Buy case.  Benefits from acquisition likely to take longer to materialise. We take a more conservative view on Mattress Firm (MFRM) margin recovery due to supply disruption and store rebranding; and lower MFRM EBIT margin by 130bps/170bps in FY 17e/FY 18e....
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