• FY23 results were slightly better than expected, despite the already detailed guidance given in November and at its CMD in December.• Trading started well in 2024 and FY24 guidance (modest sales growth, at least stable margins) means low-single digit EBIT upgrades. • This confirms our positive stance as outline in our recent in-depth report called 'Transformation means higher valuation'. We reiterate our Buy and TP of EUR 58, based on our 2025E SOTP with target EV/EBIT of 8x.
