We update our estimates, mainly reflecting near-term lower instrument sales, causing ’22e-23e EBIT revisions of 5-4%. The pandemic is increasingly a thing of the past, improving the outlook for Boule, where we see a ’19-23e EBIT CAGR of 10%. Launch of the new product platform and the 5-part system is less than one year away, which could be another potential growth levy ahead. The share is at a ‘22e EV/EBIT of 12.6x, 27% below its historical average.
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