Genetics holding back growth short-term

Flat organic sales growth, due to Genetics. EBITDA revised down 1.5%-2.3% for '24e-'26e. 41-43% below historical multiples, but above sector peers.

Solid Q1 despite weak sales growth

Slow start to the year in Q1e

Q1'24 due 18 April. +1.8% organic sales growth in Q1'24e. EBITDA '24e-'26e up 1.4-1.5%.

Improving sales growth

5.2% organic sales growth, improving margins. EBITDA up 1.9% and 1.2% for '24e and '25e. 35-40% below historical multiples, but above sector peers.

No surprises in Q4 after pre-announcement

Impairment charge ahead of Q4

Genetic services holding back growth again

Q4'23 results due 2 February. 23e EBITDA cut 1.4% and down 11.5% & 12.8% for '24e & '25e. 38-45% below historical multiples, but above sector peers.

CMD with focus on driving profitable growth

Improved margins but headwinds in the US

3% organic growth and improved margins. EBITDA down 2-5% for '23e-'25e. 52-60% below historical multiples, but above sector peers.

A second wind for APAC growth

Q1 results show market share gains and operation improvement. '23e-'25e EBITDA up 1%. Trading at 24x '23e EV/EBITDA vs. pre-pandemic level of 32x.

APAC strenght and gross margin improvement