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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

An eventual past through of the turnover tax however doesn’t help Q1 or 2021 and we take a cut to forecasts and our TP reflecting the uncertainty a turnover tax we had hoped might go away introduces. But it’s well flagged and we have plenty of upside left on our TP so remain Outperform.

Analyst: Andrew Gwynn

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