AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


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From an industrialist to a luxury player?
Upside 101%
Price (€) 12.72
Market Cap (€M) 319
Perf. 1W: 2.58%
Perf. 1M: -10.2%
Perf. 3M: -7.96%
Perf Ytd: -6.26%
10 day relative perf. to stoxx600: -10.4%
20 day relative perf. to stoxx600: -11.2%
EPS change26/11/2012

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.


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

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

04 May 12 Other news/comments
Lower volumes will impact profitability

04 May 12 EPS change
A challenging 2012

19 Mar 12 Earnings/sales releases
Increasing profitability in a challenging context

21 Jan 12 Earnings/sales releases
Sales release: in line with our expectations

02 Dec 11 Other news/comments
Eduardo Malone has increased his stake

16 Nov 11 DCF Change
Visible slowdown in demand