Solid 17% organic growth in Q2, and margin surprisingly strong. We raise adj. EBITA by 6-5% on better cost run-rate. Re-rated again, but still more upside to fair multiples - keep BUY
Q2e: 19% org. sales growth and 1.5pp adj. EBITA margin uplift y-o-y. Minor organic revisions, negative FX partly offset by M&A. BUY the dip, multiple contraction on a largely unchanged outlook.