AlphaValue Corporate Services
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From an industrialist to a luxury player?
Upside 54.5%
Price (€) 8.95
Market Cap (€M) 224
Perf. 1W: 4.92%
Perf. 1M: 10.6%
Perf. 3M: -3.66%
Perf Ytd: -34.0%
10 day relative perf. to stoxx600: -1.20%
20 day relative perf. to stoxx600: 9.70%
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.