Following a decrease in our forecast of WCR, net debt has been lowered. As a result, the EV/EBITDA peer valuation increased sharply and compensated for the decrease in our DCF, resulting in an unchanged target price and recommendation.
20 Jul 2016
Issue of convertible bonds does not change the big picture (Gaussin)
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Issue of convertible bonds does not change the big picture (Gaussin)
Following a decrease in our forecast of WCR, net debt has been lowered. As a result, the EV/EBITDA peer valuation increased sharply and compensated for the decrease in our DCF, resulting in an unchanged target price and recommendation.