The Q4 report was slightly above our expectations when adjusting for earn-outs & divestments. Sales came in 6% above us and was 1% better on EBITA* than we expected. Organic sales increased 13% (and another ~11 pp from M&A and FX) and organic EBITA* up 35% (+52% in total, meaning that 17 pp is M&A and FX). Cash conversion was an issue in H1 but is now at 92% which is encouraging. The FY 2021 EBITA* margin of 18.7% is slightly below the guided 19-20% range, but up 2.1 pp y/y, and the new guidance is “around 20%" (up from 19-20% previously). Order intake is "strong” according to the CEO. For segments, W&E beat our forecast by 8% on EBITA* but SIS missed by -1%, with weaker than expected margins in both. Estimate revisions: at this moment we expect to make only minor positive revisions, of 2-3% for sales and 1-2% for EBITA* in the years ahead. We think the market today will focus on the stellar organic earnings growth and thus for the share to outperform the market.
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