TARGET CHANGE
CHANGE IN TARGET PRICE
€ 31.5 vs 30.6 +2.99%

Our increased TP sees its biggest impact from the changes to our NAV following the inclusion of D&P Incorporated and updated EV metrics for the group's divisions. Having already factored a c.€100m increase in revenues from inorganic growth into our DCF assumptions, the marginal increase in our DCF derives from the higher expected profitability (recurring operating margin of 10%) than our base assumptions.


CHANGE IN NAV
€ 31.1 vs 29.5 +5.51%

We have included the acquisition of D&P Incorporated under the newly renamed Museum Solutions division (ex-Technical Substrates). We have also updated our EV estimates based on our expected EBITDA (for Protective Films) and EBIT (for Fashion Technologies and Museum Solutions) assumptions.