During the conference call yesterday, CFO Mark Langer updated us on the two main initiatives that are underway (i.e. category migration in the US and price adjustments in China) and which should pay off mainly in H2. This is why the groups expects more beneficial sales and earnings momentum over the second half of the year, especially since the group has identified additional cost savings of EUR50m. We remain a bit more cautious than the group’s targets after some minor adjustments (mostly FX). Neutral recommendation and FV nudged down to EUR77 vs. EUR80.
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