We expect consensus EBIT for '23e-'24e to come up by ~2-3%.
Final thoughts and valuation
On our pre-Q4 estimates, the share is trading at 14x '23e EV/EBIT, offering a '21-'24e adj. EBIT CAGR of 31%. We view this quarter as a clear step in the right direction with increasing deliveries in Germany, where Alcadon had faced some struggles in prior quarters. Also, we are seeing gradual margin improvement, although still not back to historical levels.
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