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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

Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 54.5%
Price (€) 8.95
Target Price (€) 13.8
Market Cap (€M) 224
Perf. 1W: 4.92%
Perf. 1M: 10.6%
Perf. 3M: -3.66%
Perf Ytd: -34.0%
10 day relative perf. to stoxx600: -1.20%
20 day relative perf. to stoxx600: 9.70%
EPS change26/11/2012
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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.
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