H1 margins under pressure - operations remain brisk
EPS CHANGE
CHANGE IN EPS
2022 : € 0.30 vs 0.36 -16.9%
2023 : € 0.37 vs 0.37 -0.27%

Despite sustained sales growth, mostly driven by price increases, H1 margins came under pressure from rising costs We have trimmed our expectations for 2022 a bit although the management is confident that a fair chunk of the missing gross margins will be recovered by H2. Our 2023 forecasts do not allow for a European downturn on the back of worsening money conditions.


CHANGE IN DCF
€ 4.40 vs 4.79 -8.11%

Our DCF resets a bit lower as a result of working capital needs, the purchase of Wo&Wo (debt financed) and slightly lower operating margins.