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

Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 61.7%
Price (€) 8.58
Market Cap (€M) 215
Perf. 1W: -4.77%
Perf. 1M: 17.2%
Perf. 3M: -23.3%
Perf Ytd: -36.8%
10 day relative perf. to stoxx600: -4.01%
20 day relative perf. to stoxx600: 6.91%
Opinion change24/04/2017

Protective Films pulls up valuation strongly again

Change in Opinion

Change in EPS2017 : € 1.54 vs 1.45+6.43%
2018 : € 1.59 vs 1.64-2.98%

We have upgraded our 2017 earnings on the back of the excellent 2016 delivery and complemented by a strong Q1 top line. Beyond 2017, it is hard to expect any additional progress in already very strong margins. More may depend on acquired growth.



Change in NAV€ 25.8 vs 21.7+19.2%

We have significantly increased our NAV due to the higher valuation of Protective Films. This business benefits from higher industry (specialist chemicals) multiples and improved EBITDA outlook.



Change in DCF€ 23.9 vs 18.1+32.0%

The strong increase reflects a higher cash generation potential made clear by solid 2016 earnings as well as a positive first stab at 2019. Out-year growth is kept low and assumes an erosion in margins.



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