We update our model post-Q2 and incorporate latest guidance commentary and FX trends. Revenue forecast cuts of 0% to -2% driven by a more subdued outlook for Electronics and Life Science Services, partly offset by Healthcare. EPS changes +/- 2-3% reflecting lower Corporate and Other expenses offset by lower profitability at Electronics. BNPP EPS -3-11% below consensus. We maintain our UW rating with a TP of EUR116. Our TP is derived from a blend of PE, DCF and SOTP valuations. Our DCF (WACC 8.3%, g=1%)/SOTP valuations of EUR116/134 point to upside but we note are based on robust LS/Electronics growth trends continuing well into the next decade, thereby leaving risks to the downside given the current climate. Our PE-based valuation is EUR101 based on a 11.5x 2026 PE (sector on 12x with discount justified given growing pressure on key growth drivers (Erbitux/Bavencio/Mavenclad), and anemic pipeline.