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May 24 2021, 06:45 IST/BST
The UK issues were messy and unexpected. However, we believe it is time for investors to revisit the strength of the US operation (an ever-increasing portion of the group), the improvements within Home Experts and the long-term potential of Japan. Forecasts remain intact (indeed, we have increased 2023E PBTA) and valuations have come back to interesting levels, especially on a free cash flow (and now even a dividend yield) basis.