AlphaValue Corporate Services
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Strong 2025 ambitions, luxury flavour
Upside 76.4%
Price (€) 15.7
Market Cap (€M) 391
Perf. 1W: 1.55%
Perf. 1M: 11.7%
Perf. 3M: 20.9%
Perf Ytd: 11.5%
10 day relative perf. to stoxx600: 1.35%
20 day relative perf. to stoxx600: 0.56%
EPS change11/11/2020

Change in EPS2020 : € 1.94 vs 1.70+14.4%
2021 : € 0.75 vs 0.69+8.63%

Our FY20 EPS estimate increases on the back of higher top-line expectations for the Healthcare Solutions division (€335m versus €312m previously) and a narrower than expected sales contraction for Protective Films (-8.0% versus -15.0% previously), both supported by the performance shown over Q3. The improved revenue expectations mechanically result in a higher recurring operating result, from €68m prior to €71.8m; the latter falling in line with Chargeurs' upgraded 2020 guidance of +€70m.

These increases are slightly offset by lower FY20 top-line expectations of €52.2m for Museum Solutions, down 12.6% compared to our previous forecast and explained by the weaker than expected performance from the technical substrates business in H2. Our FY21 outlook for the group remains mostly unchanged, with a slight increase to our top-line expectations of €647.9m, and a conservative €38.1m recurring operating profit forecast.