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GTN [MARKET PERFORM +0.4%] - A bumpy restructuring - Update

We maintain a MARKET PERFORM rating with our TP revised lower by 11% as both Vilico (VLC) and Vinatea undershot our forecasts. H1 2017 EPS soared 56% YoY off a low base thanks to the consolidation of VLC. VLC’s dairy revenue rose 14% YoY in H1 2017, but operating profit stayed flat owing to higher discounts and promotions. H1 2017 margins trailed our expectation