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Haitong Bank

Start of Coverage: 02-11-2015

Resume of the last report made by this analyst

We cut EBITDA/earnings for ‘18e-‘20e by an avg of 2%/5%, mostly on the back of higher losses at Ara and the corporate centre, as well as higher depreciation across the board. Our new EPS is 2%/5% below consensus in ‘18e/‘19e. Likewise, our FV drops from Eur17.0 to Eur16.5 but we retain our Neutral rating.

Analyst: Filipe Rosa

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