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JP Morgan

Start of Coverage: 10-01-2006

Resume of the last report made by this analyst

We lower sales estimates by c5% (fx), EBITDA by c10% (5% underlying on COVID-19 extra costs, 5% fx) and EPS by c15% for FY20-22e. We update our model for IFRS16. Our PT lowers to €18 (from €19.5).

Analyst: Borja Olcese

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