Yesterday evening Sword reported Q1 results with sales in line with our estimates but lfl revenue growth 5.4ppt ahead of the company's target, with Services sales boosted by Benelux and Switzerland. FY16 guidance has been fine-tuned for forex given the weak GBP against the EUR since early March. In addition, the 2015 dividend is unsurprisingly set to be flat at EUR1.20 per share. With lfl revenue growth 5.4pp ahead of the full-year target, we expect the share price to react positively.
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