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


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From an industrialist to a luxury player?
Upside 57.9%
Price (€) 8.77
Market Cap (€M) 220
Perf. 1W: 1.27%
Perf. 1M: 11.3%
Perf. 3M: -18.9%
Perf Ytd: -35.4%
10 day relative perf. to stoxx600: -4.81%
20 day relative perf. to stoxx600: 2.55%
EPS change02/09/2013

Deep, deep discount and firming up ground

Change in EPS2013 : € 0.29 vs 0.30-3.85%
2014 : € 0.52 vs 0.49+6.19%

Fine-tuning on EPS primarily combining a better outlook on Protection films and a more cautious one on Interlining with positive net implications on DCF-based valuations.

Change in DCF€ 6.58 vs 5.85+12.5%

Stronger DCF-based valuation on account of firmer earnings forecasts from 2014 onwards. Net debt at parent company level unchanged.