AlphaValue Corporate Services
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Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 22.3%
Price (€) 11.92
Market Cap (€M) 301
Perf. 1W: -0.17%
Perf. 1M: 0.51%
Perf. 3M: 33.2%
Perf Ytd: 2.05%
10 day relative perf. to stoxx600: -2.03%
20 day relative perf. to stoxx600: -2.79%
EPS change19/04/2013

Allowing for the detailed 2012 final results

Change in EPS2013 : € 0.30 vs 0.41-27.0%
2014 : € 0.49 vs 0.62-21.6%

2012 adjusted EPS takes the view that the 2012 impairment on deferred tax assets is somewhat exceptional.



Change in DCF€ 6.01 vs 9.03-33.5%

The DCF downgrade is a mixture of numerous factors. Essentially, lower than expected 2012 profits with a negative base effect and more cautious long-term growth.



Updates

25 Nov 13 Other news/comments
Steady going over Q3

01 Sep 13 Earnings/sales releases
Corner turned?

24 Jan 13 Earnings/sales releases
€16m 2012 loss; regaining room for manoeuvre

26 Nov 12 Earnings/sales releases
Resistance of prices, drop in volumes

03 Oct 12 Earnings/sales releases
Worsening context weighs on profitability

04 May 12 Other news/comments
Lower volumes will impact profitability

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