As strong as its locks
EPS CHANGE
CHANGE IN TARGET PRICE
€ 5.30 vs 5.00 +5.99%

The target price benefits from extremely solid 2021 execution that has provided a higher base looking forward. We have injected a degree of caution on the outlook from H2-2022 even though the activity target (€600m sales) within reach.


CHANGE IN EPS
2022 : € 0.36 vs 0.33 +10.8%
2023 : € 0.37 vs 0.37 +1.86%

EPS mechanically benefit from the excellent 2021 execution. Looking into 2022 and 2023, the order book and tight management should help digest fast-rising costs as long as the top line remains in positive territory.


CHANGE IN NAV
€ 6.55 vs 5.04 +30.1%

The NAV benefits from repeated strong realisations that combine with higher market multiples on similar businesses