We are updating our projections, primarily to include the contribution of the two companies acquired in December and January. In detail: we are raising our 2024/25 revenue projections by 12/8%, while at operating level we are lifting our 2024/25 EBITDA projections by 14/10%. As for the valuation, we are moving our target price to Eu2.30ps, in line with the mandatory PTO price. Investment case. Our recommendation goes from Buy to TENDER. On our updated projections, at the PTO price the stock would trade at a 2024 EV/EBITDA multiple of 9.2x, gradually declining to 8.2x in 2026 and 7.2x in 2028. On P/E, the stock would trade at 15.8x in 2024-25, declining to 14.8x in 2028.