Nidda/Stada - comment

The removal of the Russian business, alongside a good set of 23Q3 results, opens the way for Bain/Cinven to dispose of Nidda. Another PE buyout seems unlikely as the starting leverage would not allow enough debt to replace equity. We expect either an IPO or a sale to a strategic buyer. We will shelve the name after today's call in the absence of anything startling.