Q1e: -2% organic growth, adj. EBITA +12% y-o-y. We cut adj. EBITA by 13-4% on slightly lower sales and higher costs. 8-5x EV/adj. EBITA and 8-12% FCF yields on '24e-'26e.
23% org. growth in Q3, and strong trading update for Oct. We cut EBITA by 1%, 2%, and 3% on ’22e-’24e Share trades at 10x EV/EBITA and 9% FCF yield on ’23e
Temporary issues isolated to H1, back to normal in H2 Organic development continues to be strong We are optimistic about the growth prospects in Germany
Q1 EBITA hit by temporary problems in Germany Client activity in Germany to return to normal in H2’22e Share trades at 14x-9x EV/EBITA on 2022e and 2023e