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Start of Coverage: 05-05-2004

Resume of the last report made by this analyst

We have made some minor adjustments to our forecasts, driven by softer 4Q LfLs in Poland, higher depreciation and FX headwinds, which cuts our forecasts c1% to 3% and our DCF derived TP by 4%. We cut our TP to €16/sh from €16.75/sh. We continue to like strong top line growth, ROIC and balance sheet, and we remain Buyers.

Analyst: Tim Attenborough

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