AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   CRI FP
Holding Companies  /  France  Web Site   |   Investors Relation
Now pursuing organic growth ambitions
EPS change20/11/2017

Capex acceleration to foster quality growth

Change in EPS2017 : € 1.25 vs 1.37-8.76%
2018 : € 1.44 vs 1.53-6.15%

We adjust 2017 for higher financing-related costs and possibly marginally higher opex increases than those already booked, thereby preparing the way for long-term quality growth. 2018 and 2019 marginal changes reflect higher capex and no immediate extra sales.

Change in Target Price€ 25.8 vs 25.2+2.23%

On the back of robust Q3 sales and expanded capex plans spanning 2017-2019, we fine tune our figures for 2017 to 2019 including higher financing costs reflecting preemptive excess funding.

Change in DCF€ 26.2 vs 28.6-8.40%

The DCF drop reflects higher near term capex & net debt while it is a bit early to allow for stronger growth (from 2020 on). This is a conservative adjustment

Upside 68.7%
Price (€) 16.8
Market Cap (€M) 406
Perf. 1W: -3.45%
Perf. 1M: 5.50%
Perf. 3M: 27.8%
Perf Ytd: -0.18%
10 day relative perf. to stoxx600: -10.2%
20 day relative perf. to stoxx600: 10.9%

07 Sep 18 Earnings/sales releases
Robust earnings delivery in more choppy (FX) ...

29 Jun 18 M&A /Corp. Action
One stone, many great birds

09 Mar 18 Other news/comments
Strong operations confirm regime change

26 Jan 18 Earnings/sales releases
Robust Q4 sales match guidance.

16 Nov 17 Earnings/sales releases
Discipline pays off

10 Sep 17 Other news/comments
Ship-shape form and growth-minded