EPS CHANGE
CHANGE IN EPS
2022 : € 0.90 vs 0.81 +10.6%
2023 : € 0.95 vs 0.87 +9.30%

We have updated our model following the better than expected preliminary FY22 results. The EPS 2022 is up by €0.09 and the EPS 2023 forecast is increased by €0.08, driven by high price increases leading to 13% higher revenue and 6% higher EBITDA than in our previous estimates.


CHANGE IN DCF
€ 13.7 vs 12.8 +7.29%

The strong growth reported this year has enabled an upwards revision to our sales estimates even in a conservative scenario due to the uncertain macroeconomic situation. Since we have increased our 2024 EBITDA forecast, which is the base value for the DCF, the overall valuation has risen, leading to a 5% increase in our Target Price to €11.25.