Q1 was weak as expected and the sluggish order intake did not improve the outlook for growth. The company's management seems to believe that growth will accelerate in H2 with the help of new customers, growing capacity and a new product portfolio. However, we estimate that it may take longer than expected for the market to recover, making it very difficult to achieve the guidance. In our view, a profit warning is already priced in at current levels, and the long-term outlook looks attractive.

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