Factoring in the revised commercialisation plans
TARGET CHANGE
CHANGE IN EPS
2021 : € (0.02) vs (0.03) ns
2022 : € (0.30) vs (0.40) ns
Given the delayed equipment sales and associated recurring sales stream, coupled with higher R&D expenses, our assumption of medium-term losses has been maintained.
CHANGE IN NAV € 16.1 vs 18.5 -13.0%
While the multiples for the respective divisions remain unchanged, the NAV downgrade is largely a function of commercialisation delays. Although th ....
