Positive Outlook for Krones AG: Strong Q3 Performance and Attractive Valuation Drive Buy RecommendationWe like Krones. In fact, we like it a lot and reiterate our Buy rating. Market leader, solid management team, less volatile vs other industrials, some margin potential and lots of space to grow, particularly inadjacent markets where Krones has only recently made its debut. Also, it's on 11.6x '26 PE, growing earnings low-teens, and on a c.7.5% FCF Yield '26. It has considerable cash (JEFe c.€500m by FY25) and no debt, very attractive, in our view. By the way, while disappointing, we can thank the management team for already having lowered growth expectations for '26 - for now the word is they'll grow 'a bit' vs the 7% CAGR implied by their €7bn '28 sales guidance. So that's priced in. By no means expect growth to be linear according to management, so we guess they see potential double-digit growth ahead post '26.