We have raised our EPS estimates for FY20 and FY21 on the back of an upgraded recurring operating profit guidance, from >€70m to over €75m. As a result, we have increased our underlying EBIT estimates from €71.8m to €76.1m in FY20, also increasing our operating result forecast for the Protective Films division (from €16.6m previously to €17.6m) driven by the division’s FY20 reported revenues of €270m, which came in above our forecast of €256m.
