ng the bar' on Akom should remove a key overhang. ■ 4Q17 results should be strong. We expect adj. NI up 22% CER, helped by a full contribution from Qironsalud and soft comps at Kabi. ■ Valuation is undemanding at 20x 18E P/E, in line with historical 12m ... driving underperforrnance relative to the market