The Q4 results were driven by healthy performances from both segments, although the dividends was lower than expected. Nonetheless, the 2023 guidance was favourable, pointing to decent top-line growth and the continuation of ‘core’ margin improvements. Overall, Alcon’s strong positioning in its target markets, healthy growth prospects and ongoing profitability improvements underpin our positive recommendation. Also, the upside is supported by the fact that the current relative valuation levels a ....