The MT roadmap (Sales +16% CAGR; 15% EBITDA margin) implies required investments in the ST to secure the ramp up. Our EPS and TP cut reflect the limited op. leverage over the next 2 years. FY22: Solid performance despite a clear slowdown in H2 FY22 sales came in at EUR81m (+9% LFL), driven by the good momentum in the Dental sector. EBITDA was up 30% with a margin of 14.1% (+170bps) below the bottom end of the guidance (15% to 20%). It reflects the slowdown in H2 (EBITDA down 18%) after booming o ....