Customer PerformanceThe group’s EV&Auto division is expected to be impacted by VW strikes and a weaker performance by Tesla.
Financial PerformanceThere is a material cut in estimates, positioned below the consensus at the EBITDA and bottom line level, contributing to the downgrade of the rating.
Valuation ConcernsThere is a somewhat stretched valuation on a peer comparison basis, which has influenced the downgrade of the rating.