Zumtobel will report Q1 2016/17 results on Tuesday 6 September. Ahead of results, which we expect to show good progress in terms of the underlying profitability development, we roll our valuation forward to utilise the 2017/18 forecast earnings and set a new 2017E year-end target price of EUR17 (up from EUR12.50). Despite the absence of revenue growth, we expect Q1 2016/17 results to be clean of charges and to reflect the benefits of a smoother operating performance in the UK, better FX effects in Switzerland and some restructuring benefits, which should lift underlying profits by c. 30%, providing a backdrop for positive guidance.