1H17 in line–firing on all cylinders 1H17 weakness as guided; recovery path still full of challenges Buy: Feedback from management meetings with investors NDR takeaways Earnings beat, first interim dividend Decent results delivered Buy: Interim result indicates better-than-expected 2017 Buy: Driven by higher quality growth 1H17 in line; dividends softer than expected Hold: Rising NSCA mix despite regulatory scrutiny