Soft org. growth but strong margin expansion among mid/large caps. E-commerce penetration back to growth. We highlight Axfood, H&M, Rugvista and RVRC as top picks.
Earn-outs: 0.6x of ND/EBITDA, and 25% of FCF, limited EPS impact (1-2%), but notable company deviations, FCF and debt impact more important than the earnings fluctuations.