We maintain a MARKET PERFORM rating with total return of 7.7%. We forecast 2018 EPS to grow 10.1% thanks to 6.0% retail sales volume growth and margin expansion from higher sales volume of E5 and RON95. Still, this is a downward revision vs our previous forecast of 20.0%, mainly due to lower-than-expected additional profit from RON95 and high input volatility. We project an EPS CARG of 7.0% in 2018-2022, mainly supported by 6.0% retail sales volume growth.