Trading at a ’22-‘24e EV/EBITA of 19-10x On the back of the report, we leave our sales estimates relatively unchanged and lower our EBITA estimates by 5% for ’23-‘24e on the lower-than-expected margin as well as negative FX movements since our last update. For 2022, our adj. EBITA estimates come down by ~15%, largely on the mechanical effect. On our updated estimates, the share is trading at a ’22-‘24e EV/EBITA of 19-10x.
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