We do not expect a change in trends in Q1 Mondadori (MN) is set to report Q1 results on May 14th, and we expect numbers to be consistent with the FY outlook. Q1 is typically a light quarter (i.e. LSD share of the annual EBITDA), and we expect a soft start due to the book trade business (tough comp.), which should regain momentum in H2. We model sales c2% down in the quarter and a c2% margin (i.e. EUR3m EBITDA), with debt up QoQ (as usually happens in Q1) at EUR200m. A ''safer'' harbour amid re ....