We like the CGF story in the longer term and think management has done an excellent job opening up growth opportunities for the company. We lift FY17/FY18F EPS by ~1-2%. Changes to our numbers reflect a slight increase in net book growth assumptions which have offset lower COE margin forecasts. However, with CGF having re-rated strongly over the past 12 months, it is now more fully valued trading on 18x FY17F earnings. We also think significant expectations are now built into the current share price and therefore we maintain our Hold recommendation.