Very strong 2015 Ebit delivery helps boost forecasts and valuatuon
TARGET CHANGE
CHANGE IN TARGET PRICE€ 14.6 vs 13.2 +10.1%
The substantial valuation upgrades reflect a stronger than expected showing in 2015, positive views of the 2016 earnings outlook and our less conservative view on an SOTP that is the core to the group valuation
CHANGE IN EPS2015 : € 0.67 vs 0.65 +2.10%
2016 : € 1.09 vs 0.88 +23.8%
2016 and 2017 eps are revised sharply upward to reflect a stronger than expected ....
