Net sales fell and remained slightly below expectations, but the result was in line with expectations. A positive highlight of the report was that after a long while the number of personnel turned to growth. Personnel development together with a good order backlog provides a good basis for returning to a sustainable growth path and to positive profitability development. With good cash flow and a strengthened balance sheet, the company has much room for maneuver in implementing its strategy and acquisitions. With our estimates the share’s valuation image is still attractive in our view (2022e EV/EBIT 9x).