CPP has announced a small disposal. It has sold its legacy Germany card protection business for a cash consideration of £2.3m, which we see as a good price for a business that was in runoff. We reduce FY21E EBITDA by £0.6m or 6.9%. We see the disposal as in line with the strategy to focus on profitable growth opportunities and the proceeds will be used to support this. CY21E EV/EBIT of 6.9x is cheap. Maintain 635p TP and Buy.
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