We make no meaningful estimate changes to our 2024e-2026e sales and EBITA. However, we lower our net profit estimates due to higher anticipated interest rate expenses in 2024e-2025e. We are 1% above the FactSet consensus on 2024e sales, and in line on adj. EBITA. For Q2, we are 2% above on sales and 1% above on adj. EBITA.
Attractive valuation and high-potential acquisitions
We find value support at 12x 2024e adj. EBITA. The overcapacity, combined with leverage on an improved market and potentially lower interest rates, provides significant upside potential. We expect strong earnings growth in the upcoming quarters and are optimistic about contributions from recent acquisitions. Despite higher leverage, we believe the balance sheet remains solid and see good leeway
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