We add Amadeus and Babcock to our Conviction Buy List (with Deutsche Post and Loomis)
Given the significant upside to our price target, as well as high quality score, we add Babcock (12m PT 1,480p) and Amadeus (12m PT €53) to our Conviction Buy List. We reiterate our CL-Buy on Deutsche Post (12m PT €36) and Loomis (12m PT Skr374), while we maintain our CL-Sell on Capita (12 PT 987p) despite its good quality score on valuation grounds. We downgrade Prosegur (post outperformance) and Poste Italiane (on lower long-term NIM expectations) to Neutral from Buy.