organic growth average 2009 2010 2011 2012 2013 2014 2015 2016 2017E Source: Deutsche Bank. Company Data Lots of firepower for accretive M &A (DBe synergies 6% of sales) - This would unlock >E20/share of value from EPS accretion and re- 3000 rating. • Trades on 16x 19E PIE, in line with