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ELD is currently in a sweet spot, with earnings on the up on the back of positive climatic and market conditions.

In our opinion it is still inexpensive trading on ~9-10x FY17 earnings and we feel it has a fairly large scope for the share price to be much higher considering we expect the double digit growth to continue over the next 3 years. Overall very well managed company which announced the resumption of dividends (that’s a bonus) on the up with positive sentiment surrounding it.

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