Exel published its Q4 report yesterday. Operationally the company's performance was clearly better than we expected, and the market comments were also beyond reproach. Exel has tuned its business to the nines, even though some internal bumps still need to be smoothened out. Even though general uncertainty causes some worries in the short term, Exel’s portfolio that expands across various manufacturing industries gives concrete support against this. The earnings expectation for the coming 12 months that consists of earnings growth, a tiny upside in multipliers and dividend is, in our opinion, sufficient. In light of this and our higher estimates, we revise our target price to EUR 9.20 (previously EUR 7.00) and reiterate our Accumulate recommendation.