Chargeurs

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

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%.

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