Ahead of the year-end reporting season we revisited our previous estimates and recommendations as per our proprietary screening tool. We recently upgraded KION (+ vs =), building on the BNPP Wheel for 2024 and our strategists'' positive view on mid-caps. However, we have downgraded Rational (- vs =), primarily driven by valuation, suggesting better risk/reward elsewhere. Our top picks based on our screening are GEA, KION, RHM and VALMT. Industrials - PMIs edging up, yet mixed signals from early reporters In our BNPPE Wheel 2024 we flagged the rerating opportunity particularly in short-cycle names in the sector as a function of an expected pick-up in PMIs vis-a-vis reacceleration in orders. Following the latest earnings releases in the sector, operating profit in the Dec quarter was marginally better, while neither orders in the quarter nor the outlook for the Marc quarter/FY24 surprised to the upside. Look for greater cyclical exposure and visibility, avoid crowded longs Against the backdrop of the generally encouraging outlook for small- and mid-caps in Europe as per our latest strategists'' note, we have created a screening tool for our coverage universe comparing L10Y financial KPIs and valuation metrics versus 2024 and 2025 estimates to identify potential opportunities. While for large capital goods the tool does not show a strong positive signal, our DACH Industrials and Clean Energy universe screens attractively, except for a few such as Rational (- vs =) (see today''s report). Our more recent upgrades - ie KION (link) and GEA (link) - screen well at a second glance, which is also the case for RHM, while we would avoid crowded longs such as VWS. Key ideas into the upcoming results season: GEA, KGX, RHM, VALMT (+), VWS (-) We have revisited our reporting model that combines our fundamental valuation framework and views into the upcoming results release as well as our thoughts around the guidance for this fiscal year and how this might deviate...