Financial PerformanceLowered EBITDA estimates for FY24/25 and a reduced price target to €16.50 from €18.30 due to lower estimates and peer valuations.
Market ExpectationsNorth America recovery expectations are pushed to FY25.
ProfitabilityPackaging mix, with more full service and less free issue, weighed on profitability and will continue to do so, limiting margin expansion.