AlphaValue Corporate Services
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Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player
Target
Upside 35.7%
Price (€) 10.46
Market Cap (€M) 260
Perf. 1W: 3.98%
Perf. 1M: 6.63%
Perf. 3M: -8.08%
Perf Ytd: -10.4%
10 day relative perf. to stoxx600: 3.11%
20 day relative perf. to stoxx600: 11.7%
EPS change26/11/2012 11:02

Worsening economic context as from Q2, recovery expected as from 2013

Change in EPS2012 : € -0.03 vs 0.36ns
2013 : € 0.29 vs 0.45-34.7%

The overall margin for 2012 will be lower than previously anticipated and therefore we have revised down our forecast. 2013 is impacted by a higher tax effect.



Change in DCF€ 9.05 vs 6.09+48.7%

The lower than previously anticipated net debt drives our DCF valuation upwards despite the downward revision of the group's profitability for 2012.



Updates

21 Jan 14 Earnings/sales releases
More of the same

25 Nov 13 Other news/comments
Steady going over Q3

01 Sep 13 Earnings/sales releases
Corner turned?

24 Jan 13 Earnings/sales releases
€16m 2012 loss; regaining room for manoeuvre

26 Nov 12 Earnings/sales releases
Resistance of prices, drop in volumes

03 Oct 12 Earnings/sales releases
Worsening context weighs on profitability

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