Adj. sales growth of 19% y-o-y, EBIT relatively flat y-o-y Neg. sales revisions, but fixed cost base should be set Share trading at 100x-33x EV/sales on ’20-‘22e
Softer than expected, sales were -13% vs. ABGSCe We cut ‘20e sales by 11%, but raise EBIT on lower costs 47x ‘21e EV/sales, 58% ’19-‘22e sales CAGR