We reiterate our Buy rating and raise our DCF-derived Fair Value to EUR121 from EUR113, as we increase our adj. EPS ests. by 3% (+EUR4/share) and raise our medium-term lfl sales growth assumption to +4.5% from +4% (+EUR4/share). This morning Sopra Steria reported Q1 16 sales above our forecast and the consensus average thanks to an impressive performance in France, despite some weakness in the UK. FY16 lfl revenue growth guidance is upped to +3-5% from more than +2%. We expect the share price to react positively short term.
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