Wacker reported a strong final quarter. In a nutshell, FY 2021 was an exceptional year pushing the proposed dividend to €8 per share, but business will soften in 2022. After the release of the preliminary figures in January, consensus was still beaten (sales: +0.9%; EBITDA: +5.8%; net income: +7.7%). We have already lowered our estimates in the light of skyrocketing energy and raw material prices, despite our strong view on the company.