The analyst believes that the revaluation can continue despite weaker EBITDA in the second quarter. It confirms its Buy recommendation, with an unchanged target price of E27.6, representing a potential upside of 16%.

'German EBITDA growth should slow to +1.0% in Q2, but rebound to +4.6% in Q3, given the timing of wage costs. There is no change in estimates for the fiscal year', says UBS.

The Bonn-based group - which stressed that it had posted 'record' profits in Europe in the first quarter - saw its sales rise by 1.6% on an organic basis to €27.9 billion.

It also confirmed that it was targeting Ebitda of €42.9 billion for the full year, representing growth of 6% compared with 2023.

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