Chargeurs has likely passed the cyclical bottom in protective film while its Museum division benefits from excellent visibility. However, for the stock to re-rate, the group needs to reduce leverage. This should come from a recovery at CAM and/or asset disposals. Cyclical bottom in protective films, strong visibility in Museums Chargeurs'' protective films activity seem to have reached a bottom as evidenced by the recent uptick in order intake. On the other hand, the Museum activity benefits ....