The share is meeting an important level. We suggest caution because this point could stop the bullish trend.

The fundamentals remain very fragile. The security seems highly overvalued compared to other securities in its sector. The enterprise value EBITDA ratio underlines this point with a ratio at 13.5x for 2013 and at 11.5x for 2014.

Graphically, the stock went through a period of rebound in recent sessions towards the GBp 830 medium-term resistance. The share should consolidate near this area. It could act as a stopping point of the upward movement. This scenario suggests a return to the GBp 797.5 support area which will be a bearish objective.

Due to the technical configuration and the fundamental situation, it does not justify the current valuation of the group, investors can open a short position close to the GBp 830 resistance. The price target is set at GBp 797.5 and a stop loss will be placed above GBp 830.