Adjustment following the completion of the sale of Flex Composite Group
EPS CHANGE
CHANGE IN EPS
2023 : € 9.22 vs 6.45 +42.9%
2024 : € 8.17 vs 8.13 +0.51%

Our EPS 2023 resets significantly higher due to the inclusion of the sale of Flex Composite Group (FCG) to Michelin, which has driven up the change in fair value to €89m in H1-23.


CHANGE IN DCF
€ 61.4 vs 45.2 +35.9%

Our DCF has improved significantly following the sale of FCG to Michelin. We have estimated the total proceeds at €278.4m (against an estimated book value of €207.2m) or 12x the initial investment of €23.2m, which has significantly improved our estimates for the FY 23 cash position.