No major surprise on the FY 2015 results (ending September) even if slightly better than guided. Total revenue reached EUR5,674m up 6.2% with a lfl growth of 3% (consensus at 2.8%) and EBITDA margin is in line with expectation at 8.4% flat vs. last year. Operating cash flow is up 9.6% at EUR330m and dividend recommended is up 60% at EUR0.32 (our expectation was EUR0.31). In line with 2020 strategic plan, 2016 should benefit from the first benefits. Management expected a lfl growth similar than in 2015 before negative impact of voluntary contract withdrawals which are expected to have less than 150bps impact. EBITDA margin is guided over 8.6% up 20bps vs. 2015 in line with our estimate. We are confirming our positive opinion and our FV.
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