Rebound in H2'23e likely to be back-end loaded

Overstocked clients to hamper recovery in H2'23e. 25% q-o-q order booking decline. '23e-'25e adj. EBIT down 27-3%.

Order bookings down to pre-pandemic levels

Customer destocking signals are appearing

Retailers' underlying operations still weak, but destocking is coming. '23e-'25e EBIT down 6-5%.

Rebound in H2'23 looks likely

Despite overstocked clients, demand is holding up, suggesting that a rebound in H2'23 is still likely.

Solid demand does not fully make up for costs

Still awaiting customer destocking

We see no indication of a consumer rebound yet. Our 2023 EBIT is down 5%, with '24e-'25e unchanged. 8.4x '23e EV/EBIT.