Our adj. EBIT estimates have been trimmed by 5% and 4% for ’22e and ’23e, respectively, primarily due to higher opex. We note that the stock took a 17% beating on the reporting day, down 43% over the last six months. As such, multiples have come down clearly: EV/EBITA adj. of 17.0x and 14.6x ’21e and ’22e, respectively.
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