1H17 misses on reduced one-offs 1H17 – Largely in-line and lacks catalysts; downgrade to Hold Rich cash generator looking for potential acquisition; Buy Growth acceleration driven by acquisition and organic growth Maintain Sell for vague sales and profits growth outlook Turnaround not yet in sight 1H17 as guided; staying positive on 2H17E NEV sales recovery Quantifying the impact of two-invoice policy Materials may have further to go 1H17: Post results briefing and NDR group meeting highlights