AlphaValue Corporate Services
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Bloomberg   CRI FP
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From an industrialist to a luxury player?
Upside 54.5%
Price (€) 8.95
Market Cap (€M) 224
Perf. 1W: 4.92%
Perf. 1M: 10.6%
Perf. 3M: -3.66%
Perf Ytd: -34.0%
10 day relative perf. to stoxx600: -1.20%
20 day relative perf. to stoxx600: 9.70%
EPS change23/09/2019

Fine-tuning for Protective Films' challenging dynamic in H1

Change in EPS2019 : € 0.87 vs 1.21-27.7%
2020 : € 1.28 vs 1.68-23.9%

Our EPS estimates decreased on the back of a downward adjustment in our turnover and operating profit forecasts for the Protective Films division. This is to account for the lower demand in Germany and China in H1, which also weighed on profitability as these markets exhibit particularly high margins in this activity. While we expect a steady recovery over the course of H2 and the start of 2020, this negative blip in demand has a had an effect on overall profitability given the important contribution of the Protective Films division to the group's earnings.

Change in DCF€ 38.5 vs 41.0-6.25%

Our DCF valuation is impacted by our lower earnings forecasts for 2019-20, due to the challenging market dynamics for the Protective Films division, as explained in our EPS change comment. This, however, has a marginal impact on our target price which is dominated by a NAV/SOTP-based valuation which is hardly swayed by quarterly revenues.