1H17 first read is positive. Margin expanded, earnings in-line 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 Both businesses in early growth cycle Decent results delivered Buy: Interim result indicates better-than-expected 2017 Buy: Driven by higher quality growth 1H17 in line; dividends softer than expected