Marginal changes to our DCF following the H1 19 release
EPS CHANGE
CHANGE IN EPS
2019 : € -0.21 vs -0.19 ns
2020 : € -0.41 vs -0.36 ns

Minor adjustments to our estimates to: 1/ account for the reduced ASP/t during the first half due to lower € Brent prices, and 2/ push back the expected entry into operation of the Marseille refining unit from H1 20 to H2 20. The changes have a limited impact on our EPS estimates and thus a marginal change in our target price.