The reporting season to date has not shown a meaningful recovery in Seafire’s end markets, including its industrial, construction and consumer exposure; we therefore expect flat year-on-year sales and adjusted EBITA in Q2/25. We postpone our recovery scenario for Seafire, leading to downward revisions to our adjusted EBITA estimates for 2025-27. The shares currently trade at an EV/EBITA of 9x on our 2026 estimates.
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