The Q3 results were once again above our expectations (sales: +2.4%; adjusted EBITDA: +1.5%) as well as the consensus (sales: +1.6%; adjusted EBITDA: +1.5%). However some investors required more explanations so as to give the share price a strong intra-day reversal, which we have not see for quite a while.
The management provided the explanations required to understand all the moves in the reported figures and the fine-tuning of the guidance has not changed our positive view.
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The Q3 results were once again above our expectations (sales: +2.4%; adjusted EBITDA: +1.5%) as well as the consensus (sales: +1.6%; adjusted EBITDA: +1.5%). However some investors required more explanations so as to give the share price a strong intra-day reversal, which we have not see for quite a while.
The management provided the explanations required to understand all the moves in the reported figures and the fine-tuning of the guidance has not changed our positive view.