Fair Value: 20.3€ – – – – – – Rating: Buy
Higher order intake increases confidence
Q2 25 results came in somewhat below expectations but this should largely be compensated in the second half of the year. Order intake has improved materially and raised confidence in our estimates further. We stick to our valuation of EUR20.3 but see two major triggers for potential increases. We might thus see some overshooting of the share price compared to our valuation. As a result, we reiterate our BUY rating on the stock.