n our view the extent of the market reaction to today’s projects update is unwarranted and we upgrade to BUY (prior HOLD). We have captured the financial impact based on the announced specifics, and additionally reduced our FY19 African growth expectations given the lack of pipeline conversion to date. The opportunities remain however and, with a revised blended valuation of $2.40 (prior $2.75), we see upside from here.
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