The Q3 23 results were weak with the group releasing its lowest EBITDA ever. That said, this included a “triple-digit” negative inventory valuation which tempers this statement. The outlook for Q4 shows that the management does not expect a significant recovery in the very-short term, which is not surprising, particularly in Europe. The downward revision in our numbers will depend on the shape of a potential recovery in the group’s end-markets in FY24, but our target price will obviously go down ....
