Chargeurs

EPS adjustments are minor including for 2016 with a bottom line that books retructuring cost layers that were not accounted for in our forecasts. We marginally upgrade 2017 and 2018.

The target price benefits from the strong dividend policy. EPS revisions are modest for the time being. More of an upside will depend on views on the NAV once the full balance sheet is released.

The NAV erosion is only due to a lower net cash position. The assets are very cautiously valued. We will probably upgrade these metrics when the full details are available.

The marginally lower DCF is a reflection of the lower net cash balance. As a reminder, Chargeurs's DCF is hugely dependent on the view that one holds about the ability of the firm to ultimately recover part of its tax loss carry forwards thanks to a strong profitability.