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VJC [MARKET PERFORM +6.2%] - Stellar growth to continue - Update

We downgrade VJC to MARKET PERFORM, but broadly maintain our target price. Despite a higher WACC and slightly higher oil price assumption, we revise up the number of sale and leaseback transactions for 2018, as well as our ancillary revenue assumptions for 2019, thanks to the full-year effect of new routes to be launched in late 2018.