While the FY23 guidance only appeared to meet market expectations at first glance, both mix (VS) and a multi-year opportunity in ammunition restocking call for double-digit upgrades to consensus EBITA 23-26e. Beyond exceptionally strong margins related to ring swap agreements in 2023/24e, RHM is due to become the global leader in artillery ammunition upon the consolidation of Expal in H2, which should safeguard margins of 14% as of next year, thus providing upside risk to the 13% mid-term target and consensus alike (FY25e: 13.6%). Our TP moves to EUR 300, we reiterate O/P. Key takeaways from the call - commentary suggests risk is clearly leaning to the upside We continue to struggle with today''s share price movement, not least as the conference call clearly indicated that FY23 guidance is way too prudent. The spill-over related to the ring swap agreements would bridge guided EBIT of EUR 890-950m alone, which should be complemented by decent profits for the remaining sales increase amounting to EUR 0.6-0.8bn. Together with a record order pipeline beyond what remains a EUR 15bn backlog in Defence and more ring swaps coming up, we have a hard time not to believe that consensus EBIT will move up by 10% in the coming months. Model changes - 10% uplift of our adj. EBITA 23-26e puts us 10% above consensus We apply more optimistic assumptions on mix at VS, mainly related to the ring swap contracts, which should see sales of EUR ~0.4bn in FY23 vs. EUR 50m in FY22 and faster (mainly) top-line growth at WA, driving our 10% uplift in adj. EBITA 23-26e. We also reflect the convertible bond, which, however, does not materially impact our PandL estimates. Yet we reflect the delta between the market and face value like other liabilities in the EV and reflect the 7% dilution in our DCF share count. Reiterate Outperform with new EUR 300 TP - the way is up! We continue to consider risk-reward attractive thanks to further improved visibility and the restocking...