AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player
Target
Upside 21.4%
Price (€) 11.44
Market Cap (€M) 284
Perf. 1W: -1.21%
Perf. 1M: -5.61%
Perf. 3M: 11.1%
Perf Ytd: -2.05%
10 day relative perf. to stoxx600: 1.31%
20 day relative perf. to stoxx600: -7.04%
DCF Change23/11/2011 11:44

Change in DCF€ 6.34 vs 7.05-10.2%

We also include an amount of €-4m to partly offset "other operating cash flows" in the Cash Flow Statement (adjustment line which was no longer taken into account from 2014 in our model).



Updates

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

16 Nov 11 Earnings/sales releases
Visible slowdown in order inflow for Q4

16 Nov 11 EPS change
Visible slowdown in demand

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