Today's first quarter sales numbers have pushed the shares back over the Euro100 share price level.
And the reason? Well whilst China (due to destocking in tier 1 and tier 2 cities) lagged the rest of the world improved...
Consequently profit hopes remained in a low percentage expansion level profile on a year-on-year perspective with 'strict' pricing and operational focus helping out.
Overall sensible progress but no need to chase the shares aggressively here. Back in the lower Euro90s a clear 'buy' but today's move despite a good tone to the associated commentary indicates that the market is pricing prospects about correctly. A solid 'hold' up until the c. Euro110 when prospectively the valuation is going to be in the EV/ebit x16s which despite good brands and underlying pricing correctly would be regarded as too full.