Mixed feelings after the FY19 results

14/02/20 -"FY19 and Q4 slightly missed expectations, while reaching the mid-term guidance for sales was finally postponed by 1-2 years. This, however, doesn’t stop us from continuing to believe that the ..."

Executive summary
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English

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14/02/20

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EXECUTIVE SUMMARY

Updates

Pension Risks

Target & Opinion

Governance & Management

Business & Trends

Graphics : Momentum

Money Making

Graphics : MACD & Volumes

Debt

Graphics : Sensitivities

Valuation

Sector: Performance

DCF

Sector: Key data

NAV/SOTP

Sector: Ratios & Valorisation

Worth knowing

Sector: Peers

Financials

Sector: Analysis

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