Preliminary 2016 strong delivery and upgrade to DCF DCF CHANGE CHANGE IN TARGET PRICE€ 20.3 vs 20.3 0.00% We have only marginally tweaked 2017 and 2018 EPS expectations on the back of a confirmed excellent 2016. The DCF update is more substantial but is due to tax adjustments (see relevant section). CHANGE IN DCF€ 18.4 vs 18.4 0.00% Chargeurs' "hidden wealth" is made of a very large inventory of tax loss carry forwards that we account for as a very low tax rate in DCF out-year projec ....