Integration of the FY21 figures
TARGET CHANGE
CHANGE IN EPS
2022 : € 0.09 vs 0.09 +1.12%
2023 : € 0.12 vs 0.10 +20.5%

We have integrated the FY21 figures which came in higher than our expectations owing to strong growth across the three segments. Low comps due to the pandemic and the completion of the transition to a new transaction partner drove both the top and bottom lines. Looking forward, the strong FY21 figures have boosted our expectations for the coming years although we also expect some normalization.


CHANGE IN DCF
€ 3.32 vs 2.54 +30.4%

Our DCF has been upgraded due to the revised earnings estimates for FY21 thanks to the reasons outlined above.