We expect Q1 to be in line with guidance CEM will report Q1 results on May 8, and we believe underlying trends are consistent with the FY outlook. We expect the company to post stable sales (we estimate EUR370m ex-IAS) in the context of a softer start to the year on volumes. This means that we model LSD (ex-IAS) EBITDA growth (at EUR70m) in Q1 and for net cash to close at EUR145m (down QoQ due to seasonal factors). EU improvement adds visibility to consensus expectations Leading indicators ar ....