Upgrade to FY 2020 after robust H1 navigation
EPS CHANGE
CHANGE IN EPS
2020 : € 0.08 vs 0.00 +2,379%
2021 : € 0.17 vs 0.16 +1.83%

The H1 20 delivery was a good surprise with a contained loss at €4.4m on sales down 21%, also a positive surprise for an industrial group mostly located in France where the lockdown has been a pretty harsh one. We allowed for a modest degree of recovery in H2 with FY sales down 13%. While operating margins are being slashed (higher costs, missing volumes here, saturated tools there) turning a profit may not be out of reach. This explains the 2020 earnings rebound from zero to some €7.5m adjusted from goodwill impairments.


CHANGE IN DCF
€ 2.96 vs 2.65 +11.6%

The DCF mechanically benefits from a reset of the 2020 expectations to positive earnings territories. The 2021 and 2022 have been only marginally raised as they already allowed for a recovery.