The analyst believes that this Q1 2023 publication and the subsequent presentation were more cautious.

We had raised our estimates at the time of the annual publication, but this time we are maintaining them, with our guidance broadly reiterated and H2 2023 forecast to be 'weaker' in terms of growth and margin than H1 23, while our guidance for 2025 remains unchanged", says Invest Securities.

Operating margin should improve in 2023 and even more so in 2024 with Varroc leverage. FCF is confirmed positive at over 260mE in 2023' adds the analyst firm.

Invest Securities revises its price target to 23.2E (from 24.3E) and confirms its buy opinion.

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