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Kepler Cheuvreux

Start of Coverage: 14-05-2013

Resume of the last report made by this analyst

We fine-tune our estimates, and reduce the capex to EUR675m vs. EUR725m before, namely as a result of Ara lower openings (110 vs. 150), which also affects our Ara top line, but partly offset by stronger LFL (+20% in Q3, +15% in Q2 and high single digit in Q1). Our numbers are more or less unchanged. We value the stock at EUR14.90.

Analyst: Inigo Egusquiza

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