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Nov 8 2019, 07:10 GMT
Glenveagh has materially outperformed its IPO volume targets in the last two years, and there is evidence to suggest that the build-out is still ahead of our expectations into the end of 2019/start of 2020. In this report, we outline a rationale for the company continuing to grow volumes well into the medium and long term. This growth, along with potential positive catalysts from Glenveagh Living, leads us to reiterate our ‘Outperform’ rating and €1.40 price target.