Chargeurs

We trim our 2017 EPS to allow for more spending on growth in businesses such as Fashion Technologies. The over-financing to prepare for acquisitions also has an immediate opportunity cost.

In spite of a strong delivery over H1, mostly on the Protective Film side, we leave our target price essentially unchanged as Chargeurs invests in faster growth at today's expense.

The DCF metrics do not matter so much when valuing Chargeurs as we (still) look at it primarily as a holding company. But, longer term, more ambitious growth mechanically has a positive impact (excluding acquisitions).