Redeye provides its initial take on Lifco’s Q1 2024 report, which came in broadly below our estimates. We judge that positives from the report include solid first-quarter figures from business areas Dental and Systems Solutions. Notable negatives include Demolition & Tools underperforming our projections considerably. We expect to lower our 2024e estimates for Demolition & Tools on the back of the report, likely resulting in a minor downgrade of our valuation.