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2012 EPS allows for the €16m loss with restructurings regarded as one-offs. The outlook is cautious in terms of recovery from the 2012 trough operating margins but benefits from the lower financing charges as the net debt position has been dramatically cut.
The target price is hardly impacted by the steep (€16m) losses as this has no impact on the NAV, the primary valuation method, which is built on conservative valuations anyway.
The DCF built on EBITDAs recovering as soon as 2013 and lower net debt following the 2012 efforts. So that it is hardly impacted by the 2012 loss.