GTN released H1 2016 results with revenues up 35.7% and EPS down 82.4% vs H1 2015. H1 2016 is not reflective of either GTN’s full-year results or its underlying business restructuring. In 2016, we are more attentive to the company’s progress in restructuring its acquired agri-food businesses instead of reading too much into its P&L, which contains non-core businesses to be divested. We do not foresee any material change in our target price but upgrade our recommendation