EPS CHANGE
CHANGE IN EPS
2024 : € 1.08 vs 0.99 +9.87%
2025 : € 1.00 vs 0.87 +15.9%

We have integrated into our model the better-than-expected FY23 results, in which EBITDA was 3% higher than our forecasts, mainly thanks to price hikes and cost management. Despite the lower volumes in 2024, we believe in the company's ability to maintain prices at this high level, and expect cost management to potentially reduce the pressure on margins from personnel costs. Overall, we have incorporated the guidance provided by the company in its 2024-2026 industrial plan, which has had a positive impact on our EPS.


CHANGE IN DCF
€ 14.4 vs 13.9 +3.57%

We have revised upwards our estimates for capex as the company has increased its guidance for the 2024-2026 period, resulting in a stable DCF despite the higher EBITDA.