We trim our EPS estimates for 2023 due to higher net financial costs and also a higher tax rate. Our FCF estimates are virtually unchanged given slightly better working capital estimates and higher operating income. Our TP is based on a 2024e EV/EBIT target of 8x, slightly reduced from our prior target multiple of 8.5x to account for higher risks to market volumes, increasing the risk premium. Thus, our TP is now EUR24.0, implying c50% potential upside to current share price. FORVIA is currently trading in line with its EU peers on 24m forward EV/EBIT, whilst it is at a discount on a PE basis. Given FORVIA’s higher EPS growth opportunity, we believe the stock should command a higher valuation. As FORVIA delivers on its financial targets, including debt deleveraging, we think the company’s growth opportunities should be reflected by the market.