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DHG [M-PF -8.9%] - Management’s optimistic five-year plan needs more evidence - Update

Our TP is well below the current price and peer valuation due to very modest long-term growth assumptions in our DCF model. Seemingly strong Q1 growth is on a low base and does not change our long term view. We have downgraded the stock from OUTPERFORM to MARKET PERFORM as we feel that its 36% rally since our last update was fuelled by rumors that do not reflect valuation.