Updated targets support margin-lift ahead

Stepping stone for further margin recovery

Higher sales and lower costs behind strong margin expansion. We lift '24e EBIT by 12% on lower opex assumptions. Good outlook for higher margins in '24e, 8x '24e EV/EBIT.

Strong earnings beat on better deliveries

Improved profitability in 2024e

We update our model after recent share issues. Expecting strong earnings recovery in '24e. Share is trading at 8x '24e EV/EBIT.

Share issue to support its growth agenda

Enhanced outlook for a higher GM in H2

Q1 came in better than expected on sales and orders but we lower '23e-'25e EBIT by 12-6% on higher opex.

Better than expected

Market continues to flourish

Pricer's Q1 results are due Tuesday 25 April, 08:30 CET. We expect strong orders, but weak EBIT, and have lowered '23-'25e EBIT on higher opex and lower GMs.