Business stabilizes but market expectations remain too high Buy: Tumi one-offs in, finally time to focus on fundamentals? Upgrade to Hold: Better margins but mostly priced in Hold: Takeaways from our recent site visit Upgrade to Buy: Recent underperformance and a better 2017 create a good entry point Acoustics competition heating up for Apple and Non-Apple in 2017 Outperformance at HC and TS another booster Buy: Problems at MER but growth in other divisions Buy: Glass casing adoption not a threat Upgrade to Buy: Strong steel price ahead