Azelis Never change a winning formula, keep innovating

In this note we go in detail over our takeaways of the site visit in Istanbul and adjust our numbers accordingly. As expected, no new guidance was provided. A logical assumption based on remarks from mgmt., is 4% revenue growth and an increase in EBITA margin of at least 10bp annually. The event was well attended and we left with a positive feeling. We expect less operational leverage on the Gross profit margin, more leverage on the operating expenses and benefits from M&A. We reiterate our Buy rating and increase our target price from € 26 to € 28.