H1 18: not so bad after all
TARGET CHANGE
CHANGE IN TARGET PRICE
€ 1.30 vs 1.29 +0.88%

Our opinion has turned to a "Buy" despite the fact our target price has not materially changed after the release of the H1 18 results. This is due to the fact the stock price has collapsed after the release of very weak top-line numbers (end of August). That said, the favourable mix has enabled the group to save results and it seems to be in line with our previous forecasts for FY18 and beyond.