We keep our HOLD and €12.5 target price on Sligro. We continue to view the equity story as a margin recovery play but note that improvements in FY25F should be more modest than previously expected due to the ongoing difficult macroeconomic environment. We cut our Adj. EBITDA forecasts by 7% and 11% for FY25F and 2026F. Sligro's balance sheet offers limited room for inorganic growth or for more cash return to shareholders, the group leverage ratio standing at 3.4x NFD/EBITDA at the end of 2024. S...
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