Consumer & Media Daily Solid Q4 EBITDA beat, growth story on track Strong FCF generation in 2016, rest in-line Q1 results weak but shares supported by yield Weak Q4 growth likely outweighs strong cash flow Diversification is back FY16 EPS 4.5% ahead but expect consensus to remain unchanged given input cost guidance Solid FY16 volumes and sensible FY17 guidance, but organic sales and EPS below expectations 2017 EBIT outlook significantly below consensus expectations Weaker 4Q16 operating trends, with solvency below expectations