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Update to Price Target and Investment Stance: We have reviewed our model and upgrade our recommendation on Simonds Farsons Cisk plc (“SFC” or “Group”) from a Sell to a Hold with an updated 12-month price target of €11.66 from our previous target of €9.59. Our improved price target primarily relates to the adoption of a lower discount rate mainly due to the general decline in interest rates and associated risks of the Group in our income based approach, as well as revised multiples embedded within our market based approach, together with the continued strong financial performance and outlook of the Group. The current P/E level (22.4x) at which the Group is trading at, is considered to be relatively attractive in comparison to international industry peers. In arriving at our price target, we utilised a P/E ratio of 23x, in which we deem to be in line with the foreign industry average (P/E Carlsberg: 23.4x), therefore we expect the share price to reflect such reality

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