Emeria - comment

Q1 results this morning are encouraging. EBITDA came in slightly ahead of expectations and WC was managed much more tightly, to the point where we hardly believe this is any more of a temporary discrepancy - possibly a carry-over from the UK in Q4. But the real beat took place in its Non-Recurring Items, which were materially lower than we had expected. The call starts at 10 am. We maintain our positioning as we see Emeria having the control (solutions are internal) and battle mass (assets) to preserve liquidity and turn around in time.