You can see on the chart there is strong support at £18. It has a yield of 4.6% and is seen as very defensive. A re-rating such as the one that happened on Severn Trent, looks likely on this share over the next 6-12 months. They have been struggling so far this year and I thought this was a good time to enter, with the worries about growth effecting risk appetite among investors. They are likely to build stakes in more defensive shares that are undervalued such as this share.
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