With the synergy target lifted again and bullish 2017 guidance, the market will likely look through weaker-than-expected results. Higher integration charges meant that the net income result was c.10% behind our estimate. Synergies, however, are better with a new target of €470m revealed versus the whisper number of c.€450m. The group has put a wide range on profit guidance (mid-single-digit to double-digit growth). While vague that guidance should reassure given the CEO’s comments on the February conference call. At that point, it appeared that the group was guiding to mid-single-digit growth. The update is unlikely to change headline OIBD forecasts though numbers will have to move lower for the 2016 base effect.
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