Fair Value: 19.6€ – – – – – – Rating: Buy
FY 24/25 forecast remains well achievable
Higher personnel and financial expenses reduced the traditionally low Q1 earnings but as the quarter is seasonally less important and prospects for the upcoming year end business are good our FY 24/25 forecast remains achievable. We thus keep our estimates and our fair value unchanged. This is backed by the book value of €25 and leaves the share with an upside of more than 25%. We continue to rate the stock as a Buy.