FY22 figures beat estimates, including an industrial FCF 9% above consensus at €10.8bn. This was triggered by a slower-than-expected margin decline in H2 and higher-than-guided synergies that reached €7.1bn (vs. €5.0bn in two years). Shareholders will enjoy a c.12% yield with a €4.2bn dividend payment and €1.5m buy-back programme. The FY23 market outlook is consistent with the forecast and the qualitative guidance rather sets a floor. Investors’ focus is on the margin slump, but a good execution ....
