AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II


Bloomberg   CRI FP
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From an industrialist to a luxury player
Upside 36.3%
Price (€) 10.36
Market Cap (€M) 258
Perf. 1W: 1.77%
Perf. 1M: -12.9%
Perf. 3M: -7.83%
Perf Ytd: -11.3%
10 day relative perf. to stoxx600: 8.45%
20 day relative perf. to stoxx600: -13.2%
Target Change14/09/2016 13:29

H1 shows jump in profitability

Change in Target Price€ 19.0 vs 16.5+15.4%

All valuation metrics benefit from the very solid H1 16 release which raise the bar for profit potential

Change in EPS2016 : € 1.18 vs 1.14+3.25%
2017 : € 1.38 vs 1.22+13.6%

The strong H1 earnings confirm that 2016 will be an excellent year so we have raised our expectations by about 4%. There is room for an even higher upgrade in 2017 at +14%.

Change in NAV€ 22.5 vs 18.5+21.7%

The NAV is propped up substantially by the higher levels of profitability of the various businesses, starting with the Protective Films one.


14 Sep 16 Target Change
H1 shows jump in profitability

20 Jul 16 Other news/comments
Chargeurs goes for acquired growth, at last

15 Mar 16 Earnings/sales releases
Strong 2015 earnings and refreshing growth tone

28 Jan 16 Earnings/sales releases
Confirmed robust 2015 sales

12 Nov 15 Earnings/sales releases
Q3 sales growth where it matters: protective films

08 Oct 15 ESG related
Change of control

08 Sep 15 ESG related
Voting rights reaffirmed

02 Sep 15 Earnings/sales releases
An unexpected growth message wrapped in a s...