UBS confirms its buy recommendation on the stock and its target of E178 after the announcement of the FY23 results.

The analyst believes that there are no surprises, "all eyes are on tomorrow's CMD".

"Sales for FY23 have already been announced in advance, and the EBITDA margin was around 36% (largely in line with our estimate of 37%). Based on FY24 EBITDA forecasts, we expect limited changes to the FY24 EBITDA consensus' says UBS.

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