AMS Osram - banking on the backlog - Positioning

After the Q4 results, we updated our model to extend forecasts to FY28 and introduced a DCF,| which supports our original thesis. We've factored in the revenue contribution from AMS Osram's

FY24 contract wins, balancing this against our continued expectation of a weaker H1 versus H2 in 2025. While management's outlook deviates considerably from our analysis, this additional work

has given us the confidence to increase our existing position in AMS Osram.