Lonza reported the expected strong set of figures. There were no upside surprises (top line: AlphaValue: +3.8%; consensus: +4.1%; adjusted EBITDA – consensus: +0.2%; EBITDA: AlphaValue: -0.9%), but the comparison yoy shows a strong performance. Unfortunately, shareholders do not benefit from the strong operating development as the dividend proposal remained unchanged. We understand the divestment proceeds are reserved for future growth projects or acquisitions, but a small amount could be used ....