Key information from this earnings release are: the narrowing of the guidance range; Chinese developments stable to positive; and the increase in Europe wage inflation, which in our opinion is becoming a threat. Hence, we will keep our €1,200m EBIT forecast for FY19 unchanged, as it lies almost inbetween the low and high end of the guidance range. We will keep our recommendation unchanged, as well as our forecasts, which implies an almost unchanged target price.
