DAVY VIEW

RWS Holdings (RWS) has delivered an attractive mix of strong organic revenue growth coupled with a successful acquisition track record over the long term. It is now the largest Language Services Provider (LSP) globally in what remains a high growth and relatively immature market (growing at 5-7% per annum). Cash generation affords the potential to invest further in the technologies and in-fills that will increase the gap between RWS and the competition over time. We initiate with an ‘Outperform’ recommendation.