This content is only available within our institutional offering.

24 Mar 2025
Non material data changes

Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
Non material data changes
We have adjusted our estimates following Q4, with higher FCF conversion from 2026, but slightly lower volumes for 2025.
We do not consider the changes to be material; our rating is unchanged.