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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

Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 57.9%
Price (€) 8.77
Target Price (€) 13.8
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%
DCF Change16/11/2011
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Visible slowdown in demand

Change in DCF€ 7.06 vs 6.94+1.74%

Following the Q3 release, we have revised down our EBITDA forecast for 2011, 2012 and 2013, by respectively -7.7%, -6.8% and -5.9%, to take into account the economic / financial turmoil which led to weak demand.



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