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Goldman Sachs

Start of Coverage: 20-12-2007

Resume of the last report made by this analyst

Post FY20 results, we make minor reductions to our estimates. The main operational drivers are forecasting EBITDA profits in Colombia vs losses previously, offset by more sustained margin pressure in Portugal. An elevated tax rate in 4Q20 vs our expectations leads us to forecast a higher tax rate in FY21, driving the difference between EBITDA changes and EPS. FX is also a small negative headwind to our estimates.

Analyst: Rob Joyce

e-mailrob.joyce@gs.com

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