By Tom Sartor
19 November 2020, 3:45 PM
1H21 underlying financials met the market’s expectations helped by thorough
disclosure through COVID.
All indications suggest 1Q21 will mark the low-point in activity, with resilient
margins and much stronger 2Q sample flows seen continuing into 2H21.
We forecast earnings to recover back to pre-COVID levels during 1H22,
contingent on avoiding further hard lockdowns in key geographies.
Our blended valuation is based on our FY22 forecasts and adjus...