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With the legislation having been drafted as a private member's bill by Labour MP Kim Leadbeater, there is a hard deadline on when agreement must be reached with peers.

Despite this, the company has managed to perform better operationally than many of its peers and it took steps to cut costs and improve its capital discipline, the bank says.

Those companies offer “stronger earnings visibility, higher pricing power, lower balance leverage, and a consistent track record of returning shareholder capital relative to S&P 470 peers trading at 19 times,” they say.

Its planned capital expenditures this year amount to only 23% of projected revenue—well below that of peers.

The band’s lesser-known but critically revered Britpop peers Pulp released an excellent new record, its first studio offering in nearly 25 years.