We upgrade to Buy with an unchanged TP of EUR 65 The market expects Q3 to be the weakest quarter in three years causing a weak share price performance in the past months. This creates an excellent entry point, in our view, as valuation is at historical lows and FCF is close to double-digit territoryThe FCF allows for a significant step up in shareholder returns, possibly in a structural way. We expect a USD 3bn buyback to be announced on October 30. Much more is possible as the company has more than USD 30bn financial room or 20% of its current
