CPP has delivered FY21 adj. EBITDA in line with expectations. Its core businesses in India and Turkey continue to perform strongly. A new management team is developing a more focused strategy and early indications are encouraging. We make no change to FY22E adj. EBITDA at this stage, but note that the early renewal and extension of the Bajaj contract in India may see a trade-off in pricing for higher volumes over the longer-term. Management will provide more guidance at the AGM in May. CY22E EV/EBIT of just 2.6x. Maintain 450p TP.