We rate a target price of £62. Price (GBp) 5,252.00 Price Target (GBp) 6,200.00 6,570.00/4,190.00 EDM 1,263.30 FYE Cap (GBP) (M) 30,727 EV (GBp) (M) 37,898 Performance YTD 1M 6M 12M Absolute (%) (20.1) (24.1) (24.9) (25.3) EDM (%) 4.4 4.9 11.7 20.1 Relative (%) (24.5) (29.0) (36.6) (45.4) Source: Bloomberg, Bernstein estimates and analysis.