Competitive RisksRisks include operating in a highly competitive market, exposure to geopolitical uncertainty, exposure to end-market cyclicality, and increased near-term capital expenditures.
Earnings ForecastWe cut our 2025E adj. EPS to $1.76 from $1.8, principally due to 2024 coming in c.2.5% below our expectations, especially in Consumer.
Valuation ConcernsThe downgrade is purely on valuation grounds, with the gap to the multiples on which its peers trade being too high to justify a Buy rating.