Stifel remains Buy on Elis shares and maintains its price target of 19.50E.

' FY22 results are broadly in line with expectations, but we note a higher FCF (helped by lower capex)", begins the analyst.

The outlook for FY23 is "solid, with most targets in line with forecasts", continues Stifel, which nevertheless deplores a "relatively conservative" sales target.

It is important to note, concludes the analyst, "that the leverage ratio should be further reduced by 2 times by the end of the year".

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