UBS confirms its buy recommendation on the share and raises its target price to E2508 (from E2155) following the announcement of "solid results" in Q4 2023. This new target highlights a potential upside of 15%.

The analyst believes that "sales were solid in Q4, with robust margins".

' Results for the 2023 financial year have confirmed its exceptional business model, unaffected by any short-term sector volatility, as well as the advantages of its pricing', says the analyst.

' Q4 sales of MEUR 3,364 were +3% above the consensus figure of MEUR 3,260 (UBSe estimate of MEUR 3,196). EBIT for the 2nd half at 2,703 MEUR was +5% above consensus at 2,573 MEUR (UBSe estimate of 2,605 MEUR), with a margin of 40.2% (vs. 38.9%, UBSe 39.7%) ' adds UBS.

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