Strong cash flow in Q4, and more to come
Q4 adjusted EBITA was roughly in line with our expectations (reported was above), but in our view the highlight of the report was the strong cash flow, helped by a sizeable working capital release. Moreover, management commented on the conference call that working capital remains elevated and that net financials should come down in '24e compared to the Q4 run-rate. Both of these comments should support continued solid cash conversion.
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