AlphaValue Corporate Services
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Bloomberg   CRI FP
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From an industrialist to a luxury player?
Upside 102%
Price (€) 12.4
Market Cap (€M) 311
Perf. 1W: -14.0%
Perf. 1M: -11.3%
Perf. 3M: -8.03%
Perf Ytd: -8.62%
10 day relative perf. to stoxx600: -12.8%
20 day relative perf. to stoxx600: -10.7%
EPS change18/04/2018

Strong divisional contributions partly absorbed by financing costs

Change in EPS2018 : € 1.28 vs 1.44-10.6%
2019 : € 1.45 vs 1.57-7.49%

EPS adjustments are essentially the by-product of 2017 final numbers highlighting rising central costs and a higher than expected interest bill (excess resources). This new base as well as an allowance for 2018 negative USD impacts explain the bulk of the downgrades which are thus not related to operations.

Change in Target Price€ 29.2 vs 26.9+8.62%

Earnings adjustments essentially below the EBIT line matter less than the upgrades to the NAV after yet another strong year.

Change in NAV€ 30.1 vs 27.5+9.81%

The NAV allows for the upgrade of the Protective Films business after yet another very strong performance and solid growth perspectives. The value of the tax assets has been reappraised as the improved earnings outlook makes them more certain.


21 Mar 19 EPS change
Pricing acquired growth

15 Mar 19 Earnings/sales releases
Solid 2018 execution confirms growth potential

31 Jan 19 Earnings/sales releases
Solid 2018 vintage

16 Nov 18 Earnings/sales releases
On time delivery, cont’d

07 Sep 18 Earnings/sales releases
Robust earnings delivery in more choppy (FX) ...

29 Jun 18 M&A /Corp. Action
One stone, many great birds

09 Mar 18 Other news/comments
Strong operations confirm regime change

26 Jan 18 Earnings/sales releases
Robust Q4 sales match guidance.