Q2: stable top line despite headwinds, margins keep improving y-o-y. Tweaked '24e, as we look for 15% adj. EBITA CAGR. Share is trading at 10-7x '24e-'26e EV/EBITA adj.
Q1: growth recovery and margin improvements with solid FCF. We tweak our '24e sales and adj. EBITA estimates. Share is trading at 8.6x '24e EV/EBITA adj.
Sales 1% above ABGSCe – 15% organic growth ex. FX Weak margins mainly explained by UK cost pressure Ambition to increase annual EBIT by 60-80m by year-end