EPS CHANGE
CHANGE IN EPS
2019 : € -0.12 vs -0.08 ns
2020 : € -0.15 vs -0.10 ns

We have updated our model to account for the slower growth in oil & gas. As highlighted by the trading update, the volatility in oil prices are affecting operators in their investment decisions. We therefore take a more cautious stance for 2019-20, with now a gradual recovery (2019 flat yoy / 2020 +8% yoy). Note that, for 2019, we forecast sales stemming from the Services (2019: €2.70m) and Factorig (2019: €4.50m) divisions. As engineering projects are less recurring, we forecast revenues in the Solutions and Contracting divisions receding in 2020 (€0.20m in 2020).


CHANGE IN NAV
€ 4.13 vs 4.34 -4.77%

The NAV is impacted as we now evaluate the Contracting/Solutions divisions at €0.5m vs €2m to take into account the less predictable engineering projects.


CHANGE IN DCF
€ 3.37 vs 3.71 -9.26%

The DCF is impacted by the slower growth expected in 2019-20 (see comments above). Our long-term assumptions remain (+4% growth).