Hold Rating Reiterated as Weaker E‑Mobility Outlook Offsets Solid Cash Generation and Valuation ResetWe expect another challenging year for the group, which we think would need to achieve a broader penetration in China to navigate the current environment; this is something that the deal with FountainVest would have enabled. On the positive side, we highlight the group’s sound execution on the inventories’ side. Coupled with a material capex containment after the strong capex cycle of the last year, this should allow the group to continue to generate a positive FCF. We view the material stock de-rating after the deal’s termination as already embedding the trends, as well as the limited visibility ahead: our 2026 EV/EBITDA valuation returns a TP at EUR 1.27.