North America and Rest of World were better than expected and in line, respectively, while Europe weaker (sales down 23% y-o-y) amid cautious customers and longer sales cycles across several markets. Cost reductions have played out well and provide a good set up for earnings growth in 2024 on group level. BTS reiterates its FY guidance of “2024 EBITA will be better than 2023” as expected (cons has 10% EBITA growth), which includes the recent acquisitions of Wonderway and SEAC as well (adding ~3% to group sales).
Estimates and share slightly up
We expect consensus to raise EBITA estimates by 2-4% (underlying + M&A), and share should be up slightly up today. The share is flat YTD and trades at 16.0x EV/EBITA 2024e on our unrevised estimates. Conf call CET 8.00.
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