We expect a calm start to the year, with unchanged market dynamics and relatively flat Q1 earnings y/y. Our impression is that the newly appointed CEO is focused on communicating and implementing the Bergman & Beving model among the subsidiaries, with a clearer focus on profitable earnings growth and cash flow generation. The shares trade at 8x 2025E EV/EBITA while offering a 12% leasing-adjusted FCF yield.

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