In the long-awaited transformation plan, the group communicated a series of constructive measures to rebuild the business model which has been seriously hit by the ESG scandal, providing a much brighter outlook. However, the expectation of an unparalleled dilution driven by the titanic equity strengthening scheme should further penalize the share price performance. Our downgraded valuation takes into consideration the scenario of the largest possible dilution with the hope of seeing more upside ....
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Massive dilution on-boarded
In the long-awaited transformation plan, the group communicated a series of constructive measures to rebuild the business model which has been seriously hit by the ESG scandal, providing a much brighter outlook. However, the expectation of an unparalleled dilution driven by the titanic equity strengthening scheme should further penalize the share price performance. Our downgraded valuation takes into consideration the scenario of the largest possible dilution with the hope of seeing more upside ....