With momentum improving in H2 and top-line accelerating in 2024/25e, we see LU-VE as well-positioned to deliver HSD sales CAGR with expanding margins. Market share gains in the US and booming demand for heat pumps in EU should support the growth story. LU-VE trades at c12x 2024e EBIT, a c40% discount to its HVAC/R peers. EU heat pump growth is far from cooling... LU-VE looks best positioned to benefit from the EU push on building decarbonisation. We forecast the EU business to grow at HSD CAGR, ....