Q3 trading statement: more time needed...
OPINION CHANGE
CHANGE IN OPINION
Add vs Buy


CHANGE IN EPS
2016 : € -0.14 vs -0.14
2017 : € -0.07 vs -0.05 ns

We have cut our estimates for FY17, with 9 months sales still showing a decrease in group sales on a comparable basis. Before new segments start delivering, the group is likely to show hardly changed sales numbers and profit will suffer from this still too weak top-line. This said, quarterly sales can prove volatile (sometimes depending on large orders), which means the P&L should be assessed on a longer period of time.


CHANGE IN DCF
€ 1.94 vs 2.21 -12.3%

Our DCF valuation goes down with the revised forecasts, despite the fact we still bet on a rather significant uptick in group sales from FY18 onwards, due to both the former perimeter and the ramp-up of new segments (DMS Biotech and DMS Wellness).