Weaker than previously expected economic growth, in particular in China, has forced management to adopt a more cautious view. It no longer expects revenue to increase on an organic basis but only because of first-time consolidations. Nevertheless, it continues projecting an EBITDA profit of between €590m and €640m. However, management’s profit forecasts are ‘adjusted’ numbers and we do not see this as being reached. In fact, our TP might be on the high side as we are projecting a dividend of ....