1H17 – An unexciting set of results,dragged by brokerage and IB In-line 1H17 results; Buy Growth should accelerate in 2H; more resilient against PPP slowdown 1H17 profit in-line despite slightly weaker revenue growth 1H17 a miss; strong earnings rebound unlikely 1H17 results - strong execution solidifies our long-term conviction 1H17: solid growth for recurring business; expect more restructurings Conference call takeaways Risk:reward appears quite attractive Improving profitability more than offset the weak 1H top-line