Super Group

Super Group: Macquarie upgrades to O/p, TP $4.80. Note that buying opportunity. fundamental growth drivers are still intact, current undemanding valuations is an attractive entry point to a high quality, cash generative business. Branded Consumer sales set to recover in 2Q. Margin expansion story still intact, albeit only in 2013 now. Currently trading at 19x 2014E PE, backed by a solid 21% EPS CAGR (12-14E)