AlphaValue Corporate Services Fundamental Analysis FR
Back to
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
Support Services  /  France  Web Site   |   Investors Relation
On solid footing to attain 2025 ambitions
Upside 109%
Price (€) 15.09
Market Cap (€M) 373
Perf. 1W: -5.86%
Perf. 1M: -18.7%
Perf. 3M: -16.3%
Perf Ytd: -39.7%
10 day relative perf. to stoxx600: -7.82%
20 day relative perf. to stoxx600: -10.7%
EPS change11/11/2020

Change in EPS2020 : € 1.94 vs 1.70+14.4%
2021 : € 0.75 vs 0.69+8.63%

Our FY20 EPS estimate increases on the back of higher top-line expectations for the Healthcare Solutions division (€335m versus €312m previously) and a narrower than expected sales contraction for Protective Films (-8.0% versus -15.0% previously), both supported by the performance shown over Q3. The improved revenue expectations mechanically result in a higher recurring operating result, from €68m prior to €71.8m; the latter falling in line with Chargeurs' upgraded 2020 guidance of +€70m.

These increases are slightly offset by lower FY20 top-line expectations of €52.2m for Museum Solutions, down 12.6% compared to our previous forecast and explained by the weaker than expected performance from the technical substrates business in H2. Our FY21 outlook for the group remains mostly unchanged, with a slight increase to our top-line expectations of €647.9m, and a conservative €38.1m recurring operating profit forecast.