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Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

Our price objective of EUR10.7 is derived from a DCF valuation (WACC of 7.5%). We use a terminal growth rate of 1.5%. We forecast EBITDA margin stabilising at 5.4% and capex to sales at 3.0% in the long term.

Analyst: Xavier Le Mené

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