Chargeurs

The substantial valuation upgrades reflect a stronger than expected showing in 2015, positive views of the 2016 earnings outlook and our less conservative view on an SOTP that is the core to the group valuation

2016 and 2017 eps are revised sharply upward to reflect a stronger than expected pre tax earnings base in 2015 reflecting positively on the future as well as the distinct possibility that Chargeurs will continue to contain its tax bill significantly through the use of tax loss carry forward.

The SOTP is supported by the use of market multiples on operating assets vs. a book value before, a stronger net cash position and slight upgrade in the value of tax assets.

The DCF of Chargeur is mechanically positively impacted by the stronger operational outlook short term (2016 and 2017).Other parameters are unchanged.