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 39.4%
Price (€) 9.81
Market Cap (€M) 244
Perf. 1W: -2.68%
Perf. 1M: 3.70%
Perf. 3M: -21.1%
Perf Ytd: -16.0%
10 day relative perf. to stoxx600: -4.04%
20 day relative perf. to stoxx600: 1.01%
EPS change19/04/2013 14:55

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

11 Mar 14 Earnings/sales releases
Solid operations combine with zero debt

21 Jan 14 Earnings/sales releases
More of the same

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

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