Ulker remains to be one of the most exciting structural growth stories in Turkey, in our view. Through further operational expenditure control, improving price mix in Turkey and better margins in its international operations, we believe the company will be able to boost its EBITDA margin from 13% currently to 15% in the medium term. We think the company deserves a premium here due to its superior growth prospects that have so far been delivered successfully by management. We forecast 27% earnings per share growth in 2017, driven largely by easing currency impact after operating profit, and partially by 10% increase in revenues that we expect. 2016 was challenging for Ulker with depreciation in the lira together with restructuring in revenues putting pressure on top line and bottom line. Net income declined by 21% and revenues grew by 6.5% on a like-for-like basis, below inflation. We expect Ulker to continue to face foreign exchange headwinds in 2017, but the impact should be limited as most of the lira depreciation that we expect has already happened in late 2016. This should mean better earnings momentum and we forecast net income to grow by 27% in 2017.