The share encounters an important level. We suggest caution because this point could stop the bullish trend in the short term.

From a fundamental viewpoint, firstly, we note a high valuation of the company. P/E ratio for the current year is at 27.3x and expected at 23.2x for next year. With a valuation ratio of 5.99x, the group appears overvalued compared to its business activity.

Graphically, the share is in a period of technical rebound but this movement was stopped by a downward oriented trendline and a short term resistance at GBp 4875. We anticipate a return on the GBp 4455 which correspond to the short term support in daily data.

Therefore, the most aggressive investor can benefit from this technical configuration to open a short position. The objective will be fixed near the GBp 4455 support. Only the breakdown of this level would open up new bearish targets toward GBp 4105. The stop loss will be set above GBp 4950.