We expect sales and adj. EBITA to fall y/y; the market looks to have remained weak and challenges in France persist, while efficiency actions should gradually add support. We see risk to guidance, and leverage is high, which raises uncertainty, with macro risks another factor. We cut our FV range to EUR 2.1-2.7 (2.6-3.1). There is upside potential if Duell gets back to growth without leverage problems, which is unlikely to be priced in in the short term.
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