It's good to manage expectations, especially when you've got the buyback program (now at 30 million EUR per week) growing in line with FCF. And as I said, even with some lower growth compared to the past (pre-COVID), the delta can be bridged through higher cash distributions. The growth algo is very stable.

I'd be more concerned about the risk/reward for LVMH, Hermès, Brunello. If you take the average of reported NOPAT for Ferrari and a more growth-neutral NOPAT (excluding expenses that drive growth also beyond 2026), valuation is at 22-23x FY27. Very reasonable imo