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QuickView: Strong cash, but needing growth
C&C Group’s recent H116 results continued the trend of negative revenue growth and weak trading conditions across all core markets. However, a robust balance sheet and strong FCF are enabling an ongoing €100m buyback. At a P/E of c 14x FY17e, the shares are trading at a significant discount to peers but, in our view, a re-rating is conditional on a turnaround in the US and a return to organic growth.
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