The fundamentals of the company are strong as shown by its Surperformance ratings. The activity good momentum is brought to light by the growth of sales and margins but also by upward revision of revenue and EPS for the coming years. Thus, analysts expect total sales rise of 30% by 2015 while net margin should reach an interesting 13.7% level. In addition, over the last 12 months, analysts have increased of 20% their revenue estimations and of 30% the EPS ones. Moreover, the group has improved its financial situation and end every fiscal year with a positive cash position. Finally, with a P/E ratio of 12.04 times 2014 estimates, the company seems undervalued compared to its peers.

From a technical viewpoint, after a correction phase that brought the stock to the bottom ascending line. Prices have rebounded on this level and are now launched toward their recent highs. The recent crossing of the GBp 1378 resistance confirms that the equity has renewed its rising trend and weekly moving averages support this movement.

Therefore, a long position could be taken at the current price targeting GBp 1471. A stop loss will be placed under GBp 1325 to avoid a bearish pressure.