TARGET CHANGE CHANGE IN TARGET PRICE€ 4.00 vs 4.04 -0.98% Following the publication of FY18 sales, we have updated our model. Overall, sales were 1% below our expectations, which has a slight negative impact on our valuation, as we believe our margins expectation deserve to remain unchanged. The Buildings division was perfectly in line with our expectations (€186m for DOM Security and €190m for MAC). Hence, the discrepancy stems mainly from the Industrial division (€51m fo
