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Profitability was at a very good level, but net sales came in slightly below the market consensus (Refinitiv) in Q4. The full-year revenue guidance midpoint indicates as high as 12% growth for this year, of which some 6% could be organic we calculate. Most likely the operating profit margin cannot be improved further, we argue, but the overall momentum in end-demand and in earnings growth looks favourable and will most likely stay that way in H1 2021E. On our estimates, the company's P/E for this year is 20.5x (peer group 18.6x). Our valuation model suggests a EUR 12.8-15.6 (10.7-13.1) fair value range for the share.
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