@Memo0606@m0rten is right, of course: it could go even lower. 450€ is a top buy-in. I made the following assumptions for the next 10 years: 8% sales growth, 2.5% buybacks, 50% FCF margin, 2% terminal growth, 8% discount rate. This results in around 11% FCF per share growth per year, a fair value of USD 570 and 4% upside to the current share price. So a further setback would probably be a top opportunity. The long-standing CEO also made insider purchases at higher prices in December and February, which is a bonus point.
@Memo0606 Hard to imagine, but anything is possible. The biggest drawdown in the last 5 years was 44%, currently we are at 19%. But it could just as well have been the bottom, so I'm going in with tranches.
