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We have adjusted our estimates following Q3 2023 results and adjust our TP to EUR35 (from EUR37). Our TP is the average of a DCF (EUR37/share) and peer multiple (EUR33/share). The main changes come from our revised forecasts for Fresenius Medical Care, adjusted upward in FY23 (to reflect the guidance upgrade) and downward from FY24 onwards to reflect slower market growth recovery and continuous cost pressure. From a Fresenius SE perspective, we do not consider the changes to be material; our rating is unchanged.
Fresenius SE & Co. KGaA
The management focus was the transformation of Vamed as the business had not delivered on its targets. This was the result of poor governance and a number of other topics which all culminated in additional one-offs. The other businesses, especially Kabi, performed fairly well. However, the consensus was not beaten on every line (sales: -0.3%; adjusted EBIT: +5.1%), although the (adjusted!) profitability development looked promising, prompting the management to upgrade its profitability guidance.
Q2 results were driven by FME, OpCo performed in-line, Vamed dissapoints FRE delivered revenues of EUR10.4bn (7%cc), slightly above consensus. EBIT of EUR956m (9.2% margin), came in 10% above consensus. FME was the main driver (see dedicated postview note) while operating companies, Kabi and Helios, managed to compensate for inflationary headwind, and delivered in-line results. Vamed failed to recover and dragged the performance in the quarter. OpCo, Kabi and Helios all performing well Kabi is making good progresses with MedTech margins improving driven by broad based volumes and price growth. Management refrained from commenting on any opportunities regarding receiving damages from Pfizer at their North Carolina plant. This could be a source of short-term upside risk, in our view. At Helios, volumes continue to recover, mostly offsetting inflationary headwinds. Vamed turnaround plan now in motion The restructuring of Vamed should start to bear fruits in H2 2023 already. The repositioning of the group in the DACH region and rightsizing of the project business should reposition the business for the longer term ahead of a potential (full or partial) exit, in our view. FY23 guidance now ex-FMC The guidance now excludes FME - which is to be deconsolidated by YE23 following the support from shareholders at the EGM (July 14th). MSD organic sales growth and flat/LSD EBIT decline (at cc). Reiterate Outperform, TP up to EUR37 We update our numbers following Q2 results. Our TP, which is the average of a DCF (EUR37) and SOTP (EUR36), works out to EUR37/share (up from EUR30). Fresenius SE shares trade at 10x consensus P/E 12m forward, a 70% discount to EU MedTech. Given the improving business momentum excluding non-core Vamed, we see these levels as unwarranted.
Fresenius reported a difficult to read set of figures, implying that things are moving in the right direction. Having obtained shareholder approval for the deconsolidation of Fresenius Medical Care, the business will become a one-line item in future and the KPIs have been adjusted. Adjusted EBIT came in above the consensus expectations (+9.7%), but absolute EBIT took a hit from the transformation of Vamed, which will become somewhat expensive.
Fresenius’ reported adjusted figures beat the consensus at all levels. This does not make a perfect summer, but investors were quite happy. The cost cutting programme seems to be proceeding at full steam at Fresenius (different from FMC’s FME25 version), which immediately helped Kabi’s profitability after the trough in Q4 22. The Q1 figures were above our cautious estimates (sales: +1.6%; EBIT: +9.7%) confirming our strong view on the company. Nevertheless, we still see some road work ahead for the management.
No major surprises with Q4 2022 results FRE delivered Q4 revenues of EUR10.6bn (+4%cc, 3% organic), in-line with consensus, driven by KABI (8%cc) and HELIOS (5%cc). EBIT of EUR1.05bn (9.9% margin) was a touch below consensus with KABI margin at 12.7% (at cc, -260bps) and HELIOS margin at 11.7% (broadly stable yoy). 2023 guidance now focuses on EBIT and operating companies Kabi and Helios FY23 calls for LSD/MSD organic revenue grow and EBIT broadly flat to declining HSDcc. Ahead of the deconsolidation of FME, FRE guides for EBIT ex-FME broadly flat to declining MSDcc. Helios'' performance in 2023 is expected within its long-term bands for 3-5% organic revenue growth (guide MSD) and 9-11% EBIT margin. However, Kabi is expected to be slightly below its long-term bands of 4-7% organic revenue growth (guide LSD/MSD) and 14-17% EBIT margin (guide 1pp below). Committed to building a stronger base During the call and at the sell-side breakfast, management highlighted its commitment to building a stronger base for future business growth after a reset - and trough - in 2023e. FME deconsolidation should be effective 4-6m post-July EGM (requires 75% vote) and FRE will remain a shareholder, at least short-term. More details on the repositioning of Kabi and Helios (including c5 businesses with triple-digit EURm in sales identified for divestment over the next 12-18 months) should be shared at their CMD on May 24th and in Q1 2024, respectively. Reiterate Outperform, TP down to EUR30 (from EUR31) We adjust our model and cut our 2024 EPS by 8% on a lower margin ramp-up. Our TP is down to EUR30 (vs EUR31). With expectations now firmly rebased by the new management team, a clearer path towards the deconsolidation of FRE and sharpening of the focus on operating companies, Kabi and Helios, we reiterate our Outperform rating. FRE trades at c8x P/E 12 months forward, a c65% discount to EU MedTech trading at c24x P/E.
Investors might have hoped for more, as the announcement of a change in the legal structure does not look too meaningful at first sight. In our view, this is a game-changer as the Fresenius-dominating shareholder has accepted to lose the FMC business sooner or later and Fresenius’ management could convince the Else Kroener-Fresenius Foundation that is has some clear plans how to generate value without this complicated structure and without FMC in the mid-term.
We have stripped out Fresenius’ dialysis division FMC, just to see the impact of the potential deconsolidation on FRE’s valuation. It is however clear that we do not have all information to do this properly and the exercise required a lot of guesswork as the deconsolidation effects could not be precisely calculated. On the other side we were the position generate a vague idee how a plain Fresenius would have looked like starting back in 2006.
3Q22 results FRE generated revenues of EUR10.5bn in Q3 (+5%cc), LSD ahead consensus and driven by Helios (+7%cc). Kabi grew 4%cc despite North America and APAC continuing to be impacted by price pressure and VBPs, respectively. FME and Vamed were the largest drags to the group''s EBIT of cEUR900m (8.5% margin), which missed consensus by 5% and contracted by c.270bps. FY22 guidance cut reflects adjustments to FME and Vamed While the top-line growth outlook is unchanged at LSD/MSDcc, lower net income expectations for FME (high-teens to mid-twenties decline) and EBIT contribution from Vamed (EUR100m vs EUR134m) led to a downgrade in the net income, which is now expected to decline ''around 10%cc'' (vs LSD/MSD decline previously). Kabi and Helios guidance have been reiterated. Realigning the portfolio with market fundamentals Now led by Michael Sen, the management team is reviewing every business. We understand, however, that making relatively small adjustments to realign the portfolio with market fundamentals and strengthen its competitive advantages alongside more rigorous cost control is a more likely scenario. Recent positive developments at KABI (biosimilars) are encouraging in this regard. Large or transformational and transactionally driven moves seem to be ruled out, for now. New management could help see through headwinds, reiterate O/P While the ambition is to grow next year, headwinds could persist and possibly intensify, e.g., inflation on costs and labour, China VBPs. However, rebased expectations, a new management team and eyes now set on the 2023 CMD (long term strategy and financial targets as well as conclusion from group''s structure review) should support the shares, in our view. Following Q3 results, we adjust our model and cut our 2023 EPS by 11% (group definition adjusted). Our new TP is EUR31 and we reiterate our Outperform rating.
… as some difficult decisions needed to be made. After only 30 days in the job, CEO, Mr Sen, has hit the reset bottom seeing that things are getting worse. Among the positives is his proactiveness and clear message. Much milk had been spilled and the entrance of activist investor, Elliot Investments, came at just the right time to encourage the CEO’s open-minded thinking without any sacred cows. The Q3 figures came in above the consensus expectations.
In our Latest of 01/08/22 we argued that the Fresenius management should focus on re-gaining shareholder confidence. The management did not take the initiative but the Supervisory Board has kicked off this job and the new management should do the work. Replacing Mr Sturm is a very good solution in our view as we had frequently highlighted that the Fresenius management had been leaching on FMC for too long. The individuals involved will all have left the organisation by end September. New players. New Game.
Kabi and Helios holding up well in 2Q Fresenius sales increased by 3%cc to EUR10bn, a notch ahead of expectations. KABI sales +2%cc (+2% organic) and EBIT of EUR271m (14.3% margin), are 1% and 3% ahead of expectations, respectively. We note North America sales of +3% organic and margin holding-up in the high 20''s at 28.7%. Helios sales +6%cc and EBIT of EUR303m (10.4% margin) were slightly below expectations. Group EBIT of EUR1bn was in-line with consensus. FME drive FY22 guidance cut and withdrawing of 2025 net income targets The poor performance FME drives adjustments to Fresenius SE FY22 and long-term guidance. FY22 sales are now expected to grow LSD (vs MSD) and net income to decline LSD (vs LSD increase). The updated FY22 guidance encompasses a small buffer upon a continuously weak macro environment. 2025 sales growth targets for 4-7% CAGR 2020-2023 are adjusted to the low end of the range while the net income growth targets of 5-9% CAGR 2020-2023 are withdrawn. Slowly transitioning to recovery mode despite major uncertainties at FME Management reiterates that headwinds on the Kabi business are expected to gradually recede in 2H22 and although the situation remains tense, the slight recent easing of pricing pressure on the US IV generic drug business is a positive development. CMD for the Kabi business is scheduled for Oct. 7th. On group structure, no changes compared to previously communicated options currently being explored by the management. TP cut to EUR35, mainly driven by FME While our estimates for Kabi, Helios and Vamed are left broadly unchanged, we update our model following FME profit warning. Our TP is down to EUR35 (vs EUR42). Fresenius trades at 7x P/E 12m forward, a 70% discount to BNPPE MedTech coverage universe.
We have frequently highlighted that Fresenius’ management has been leaching on FMC for too long as the former pulled ‘subsidiary’ FMC the parent company deeper into trouble. Fresenius should have been in the driving seat owing to the legal structure but it looks to us that it has been too cautious in reacting to FMC’s issues. There have been enough warning signals (e.g. FMC Q3 18 profit warning) in our view that not everything is going well.
Fresenius’ figures were mixed with Helios reporting the strongest profitability increase, whereas admissions were still below pre-pandemic levels in Germany. Kabi reported the expected slowdown despite a strong performance in Infusion Therapy. FMC suffered from a long list of negative effects. All in all, profitability was burdened by cost inflation and other negative impacts at group level. Consensus was beaten at the top-line (+2.3%) and profitability by +3.5%.
Strong 1Q22 results for Kabi and Helios FRE delivered 1Q22 sales of c.EUR9.7bn up 8% (3% organic, 5%cc), 2% ahead of consensus. This performance was driven by Helios (8% organic growth, 11%cc). KABI growth was more muted (1% organic, 1%cc), in line with expectations and impacted by production bottlenecks (covid-related absenteeism) and price pressure, notably in North America (-3% organic). EBIT (10.2% margin), driven by KABI and recovery at Helios, and Net income were 4-7% ahead of consensus, respectively. Reassured on the ability to deliver the FY22 guidance Management confirmed the FY22 guidance for MSD sales growth and LSD net income growth (at constant currency). However, they stressed that cost inflationary effects and supply chain disruptions in 2022 are now expected to be more pronounced, leaving little room for upside on consensus numbers already positioned in the low-end of the guidance range. Positive comments on operational execution Management seems satisfied with the results from tenders with US GPOs while being on track to hit development and launch milestones for the biosimilars business for which sales are ramping up nicely. They remain committed to allocate growth capital to Kabi as the recently announced Ivenix acquisition (infusion pumps) just closed. Outperform, TP EUR42 Our TP, which is the average of a DCF and peer multiple, is down to EUR42 (from EUR45), exclusively driven by lower peer multiples. FRE shares trade at c.10x P/E 12m forward, a c.60% discount to BNPPE MedTech coverage universe. We reiterate our Outperform rating as the value profile, acceleration of earnings growth in the back-half of the year and from 2023 onwards as well as the perspective of a change in the group''s structure should help support the shares, in our view.
Our conclusion is that there is more to come. Nevertheless, we like this move as it improves the divisions in areas where there are weaknesses: medtech and biosimilars. The latter might be somewhat surprising bearing in mind the company’s high ambitions. The management has indicated that this is the first step but we are missing the big picture. The company has announced a meet the management focussing on Kabi although note that there were many such events promised but not delivered in 2021.
Basically, Fresenius has not done anything wrong. Management delivered its increased guidance, it reported progress in the cost-cutting programme and it gave a promising outlook. However, investors might have hoped for something larger, e.g. the divestment of the FMC stake or the separation of Kabi, but management remained true to itself. Figures were a clear beat to our estimates (sales: +5.9%; profitability: +9.8%) as we had booked some higher costs for the cost-cutting programme.
Good set of FY21 results FRE delivered FY21 sales of EUR37.5bn (c.5%cc), 1% ahead of consensus (EUR37.3bn) and in-line with the group''s guidance which was upgraded on 3Q21 results from LSD/MSD to MSD cc sales growth. EBIT margin down from 17.6% to 11.3% of sales (EUR4.3bn) but come in 1% ahead of expectations. Kabi missed expectations while Helios and Vamed were ahead. Net income came in 2% ahead of expectations at EUR1.9bn (vs consensus EUR1.8bn). Transition year for the group''s top priority division, Kabi FRE guided for MSD sales growth and LSD net income growth (constant currency). The drag to the 2022 performance will be Kabi, which EBIT is expected to decline in the HSD/LDD range (constant currency) due to pricing pressure in the US (GPO tenders) and China (VBPs) and the delayed breakeven for the biosimilars business to 2023. Several uncertainties circling around Kabi were the main disappointment in yesterday''s release, given the division is a top priority one. Group structure: seller of FME stake, equity investors for Helios and/or Vamed later The management did not rule out a change in the group structure - to reinvest in future growth - possibly later in 2022 but more likely in 2023. They are open to sell their stake in FME, upon an attractive bid. The entry of an equity investors for Helios could be a first step before exploring an IPO while moving to a minority stake for Vamed is not ruled out. Reiterate Outperform, TP down to EUR45 We reiterate our Outperform rating. Following a massive rebasing of estimates, Fresenius SE shares currently trades at 9x PE - 10-year low valuation level which should benefit from sector rotation. A clearer perspective from a Meet the Management Meeting to be held later this year, a potential change to the group''s structure and 2023e EPS growing in the HSD (despite the cut) should also help, in our view. Our EPS are cut by 3% and 7% in 2022e and from 2023e onwards, respectively. Our TP is down from...
Massive catch-up potential FRE shares, up c.5% YTD, have benefited from the sector rotation towards value stocks and outperformed European MedTech by c.20%. Despite that, they still trade at 12m forward c.10x P/E (consensus), a massive 60% discount to the sector. We believe the group structure review could be the trigger for a continuous rerating of the shares, which have historically traded in line with the sector (c.22x P/E). Group structure review: the trigger? Management is expected to share conclusions from the group''s structure review on 22 February. All options are on the table and feedback from investors suggests expectations are low. We explore possible scenarios, provide valuation frameworks, and discuss their likelihood. In our view, uncovering the individual value of each assets should help the shares to rerate through a reduction in the holding discount. FY21 guidance looks secure, but consensus appears a touch high for FY22 A robust 4Q21 should enable FRE to comfortably deliver its FY21 guidance, which is reflected in consensus forecasts (4%cc sales growth and c.3%cc net income growth). Consensus is expecting c.10%cc FY22 net income growth, which seems a tad optimistic (we forecast c.6%cc). While we see a risk of an LSD cut to consensus FY22 earnings forecasts we believe it will have only a marginal impact on the shares given the depressed valuation and the fact that buy-side expectations already seem to be lower than consensus. Reiterate Outperform, TP EUR50 (from EUR47) We reiterate our Outperform rating. Our new TP of EUR50 is the average of a DCF at EUR53/share and SOTP at EUR47/share. We have trimmed our FY22e EPS by 2%. Within our coverage universe, Fresenius SE is almost unique as a large cap value name with significant upside potential (+35%) and benefiting from the current sector rotation.
Fresenius’ updated guidance generated a lot of confusion as the text deviated somewhat from the presentation and needed some careful reading. The most interesting piece of information was the mental separation of FMC from the group in the guidance. In today’s call, management tried to dispel the idea of separating FMC from Fresenius. Due to FMC’s quite weakish performance, Fresenius suffered at the profitability level but came in a notch better than expected. Consensus was not meet.
Once again, the close connection between Fresenius and its ‘subsidiary’ FMC can be easily detected. As a separation should not be expected any time soon, management might have to be reminded of its tasks as the US headquarters seems to live not only in a different time zone. Despite management’s confirmation, FMC’s contribution to cost savings will be welcomed, but not a necessary prerequisite. The leash looks to be too long in our view. Fresenius reported an expected set of figures, despite a weakish FMC.
Top to bottom-line beat, FY21 net income guidance raised FRE delivered 6%cc sales growth in 2Q21 (EUR9.2bn), 2% ahead of expectations. This was driven by 8%cc sales growth at KABI and 19%cc growth at HELIOS. Margins came in at 11.1% of sales, slightly ahead of expectations and Net Income of EUR474m was 6% ahead of consensus. FY21 - guidance for revenue growth is unchanged (LSD/MSD at cc). However, guidance for Net Income growth was increased to LSD (from at least broadly flat at cc). Concrete signs of recovery at Kabi within reach Backlog shrinking and inventories expected to increase should be a tailwind for the US IV generic business in 2Q21. The return to growth now seems within reach, yet a few milestones still need to be cleared i.e. US site inspection by the FDA and ability to mitigate the price impact from tendering processes in China. We are confident on the return to growth for Kabi''s sales and EBIT in 2H21. Inflation to be monitored closely Cost inflation is a risk given the limited passthrough to reimbursement rates. Inflationary pressure on costs needs to be monitored closely and is reflected in the guidance. In a long lasting inflationary cycle, the critical size of FRE makes it less likely to be squeezed and could offer new bolt-on MandA opportunities, in our view. Efficiency plan benefitting the bottom line as soon as 2021 Savings are small (low double-digit EUR millions) but they are a good surprise and contributed marginally to the net income guidance raise (1pp). CEO sees upside to the EUR100m after tax net income gains p.a. from 2023 onwards. Reiterating Outperform, TP up to EUR47 We reiterate our Outperform rating and increase our TP to EUR47 following small changes to our model. FRE trades at a 13x P/E, a c.55% discount to EU MedTech. We reiterate our O/P rating.
1Q21 results a notch ahead of estimates Revenue grew 2% organically (3% at cc to EUR9bn), 1% ahead of estimates. US issues continue to limit Kabi''s growth (4%cc growth) while the post-covid recovery of the Helios business is taking shape (8%cc growth). EBIT margin of 11.2% came slightly ahead of estimates, driving part of the 6% bottom line beat, with below-EBIT items contributing the rest. Kabi struggling to move beyond US issues Pricing pressure remains in the mid-single digit on the IV generic portfolio, there are manufacturing issues at the Melrose plant (now expected to be resolved in 2Q21) and a FDA inspection the timing of which is still uncertain (possibly 2H21). It may still require a few quarters for Kabi to fully recover even once these issues are behind it. On the positive side, the risk of further downside is relatively limited given current valuation levels. A glimpse at the efficiency plan with more details to come in 2Q21 Three areas have been identified to achieve EUR100m in after-tax savings by 2023: 1) procurement (driven by Kabi), 2) structure and organisation (driven by Helios and Vamed) and 3) portfolio review (driven by Helios with some risk of book losses not ruled out). More details on the timeline for the implementation of division-specific projects should be communicated on 2Q21 results. The issue is whether there is a risk of delay, given Fresenius Medical Care will communicate the details of its FME25 plan in the fall. Reiterating Outperform; TP EUR45 Fresenius SE shares trade at 13x P/E 2021E, a c.60% discount to EU MedTech. This compares to a 5-year average discount of c.30%. Fresenius SE certainly looks inexpensive, yet Kabi''s headwinds continue to hold back the rerating of the shares and obscure the upside perspective. Updates to our model following 1Q21 results are marginal and do not change our EUR45 TP. We reiterate our Outperform rating.
Despite being mixed, Fresenius’ Q1 report looks a bit uninspiring, which is not bad as the world creaks under the weight of the virus. But not very things is running perfectly. Kabi’s issues seem to have worsened, which legitimises the CEO change ex-post. Unfortunately, management was not too good at providing many details about the cost-cutting programme. Figures were a notch above our expectations and slightly above street expectations (top line: +1%; adjusted EBITDA: +2%).
As we had already speculated at a recent target price change (on 05/02/2021), the announced departure of Dr Krick, Fresenius’ dinosaur, could trigger some changes. The first ‘victim’ may be the head of Kabi and we clearly expect more to come. In essence, this could signal to the capital markets that there is something already set in motion. This might change sentiment towards Fresenius as we still see the share is clearly undervalued.
We had been really surprised by the announcement of a cost-cutting programme, which is expected to give Fresenius a nice profitability push by the end of 2023. This is earlier than FMC’s. However, we do not really believe in a coincidence as Fresenius’ management should be the master of the ceremonies but, interestingly, it could be able to achieve this. The Q4 figures have beaten our cautious expectations as we had taken some provisions into account. Updated consensus was unavailable.
Feedback from conference call: FY21 guidance confirmed, efficiency plan to be detailed The preliminary FY21 guidance was reiterated: sales growth LSD/MSD and ''broadly stable'' net income (all at constant currency). Excluding FME, where net income is expected to decline in the high-teens to mid-twenties, FRE should grow its net income in the MSD to HSD, driven by Helios. The company outlined a EUR100m efficiency plan; similarly to FME, specific actions will be presented on 1Q21 results (May 6th). Unlocking value by changing the group''s structure? This is not a certainty, but is being evaluated by the management and the board. This could hint at 1/ lowering the stake in FME (c31%), 2/ divesting Vamed, 3/ floating Helios and/or Kabi. We understand that FRE will likely move forward if the current strategy does not bear fruit, making this likely more of a 2022 topic. Removing the 10% holding discount and applying a 10-20% pure-play premium to our peer benchmarks would imply EUR55-60/share (55-70% upside). Kabi''s launch pace stands despite uncertainties Investments at its US manufacturing sites have enabled FRE to reiterate the guidance of 15 product launches at KABI this year. Biosimilars guidance (sales and breakeven) is also reiterated and a detailed plan has been outlined by management. However, heightened pricing pressure (in the US and China) and uncertainty on the timing of FDA inspection at the Melrose Park facility still call for caution. Reiterating Outperform; TP EUR45 We reiterate our Outperform rating on FRE. Minor changes to our FY21/22 EPS (LSD cut) reflect FME''s soft guidance on net income growth, which had not been integrated in our estimates yet. Combined with the update of our peer multiples, our TP falls to EUR45 (from EUR50). Current valuation of c.11x P/E is at an all-time low. Rerating could take time but a maintained launch pace at Kabi despite manufacturing issues and pricing pressure, the upcoming efficiency plan and...
3Q20 print a touch better than expected Fresenius reported sales up 5%cc to EUR8.9bn, in line with consensus, driven by HELIOS Spain recovering faster than expected and offsetting a weak performance at KABI. EBIT at EUR1.1bn (12.5% margin) and net Income of EUR427m (+1%cc) came in 1% and 2% ahead of consensus respectively, driven by FME. FY20 guidance narrowed to the low end is not a surprise During the conference call, the CFO stated that achieving the low-end of the FY20 sales and net income growth guidance (3-6%cc and -4/+1% respectively) was the most likely scenario given the weakness at KABI and VAMED. The FY20 guidance assumes that any additional covid-related impact will be compensated for by the government. KABI: a case of deja-vu? Supply constraints at KABI followed an FDA inspection at the Melrose Park facility (IL). All the FDA''s comments have been answered and all batches that were held back are ''clean''. However, their gradual release in the course of 4Q20 will be a drag on KABI''s performance. Prior to 2015, FRE could not manufacture new products at its Grand Island (NY) facility following FDA objections and a downgrade of the facility''s status. This is not the case at the Melrose Park facility. Helios back on track Helios Spain has recovered sharply and is on track to be back at pre-covid levels in 4Q20. The state of alarm reinstated in Spain last week gives more flexibility to hospitals to treat non-covid patients. In Germany, the Hospital Future Act makes 4Q19 financial performance a floor for Helios. Reiterate O/P. Even on more conservative estimates it still offers significant upside We were already at the low-end of the FY20 guidance and we now move to the bottom end. Our new TP stands at EUR50 (vs EUR55). Fresenius shares trade at a P/E of 9x, a 60% discount to EU MedTech.
Fresenius’ broad portfolio stabilised the top-line and earnings but the picture has been mixed not just among the divisions. Interestingly this has also proved true on an intra-divisional basis in that the trends have followed the pandemic. The Q3 figures showed some relief, especially in Helios Spain. The reported figures were a notch weaker than expected, but broadly met consensus.
FRE FRE FRE FREEUR FSNUF FREN 1FRE FRE1
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