GROUPE FLO. BUY, TP 4.0 (upside +30.6%) 25th JULY, 2012

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1 25th JULY, 2012 GROUPE FLO BUY, TP 4.0 (upside +30.6%) MARKET DATA Stock price (closing 25/07/12) 3.05 Shares nb fully diluted in m 39.5 Market value (m ) Net Debt adjusted (m ) EV (m ) ISIN Mnemo FR FLO Analysts P.Schang G.Cohen A.Bossard analyses@nfinance.fr e 2013e 2014e Revenues %growth EBIT %margin Net profit %margin e 2013e 2014e EV/Sales EV/EBIT PE Covered by NFinance since July 17 th, 2012 Calendar August 1 st 2012: H1 12 results November 14 th 2012: Q3 12 results Dividend June 06 th 2012 : Holdings Financière Flo 71% Public 29% 0.11 /share Groupe Flo was established in 1968 by Jean-Paul Bucher. It has become one of the main French catering group with famous 1/ Thematic Catering brands (Hippopotamus, Tablapizza, Taverne de Maître Kanter and Bistro Romain) 2/ Brasseries (le Vaudeville, la Coupole ) and 3/ Catering Leases from the end of the 80 s. Groupe Flo operates through 302 restaurants at the end of 2011 with 382m of revenues and 15m of profits. LATEST PRESS RELEASE COMMENTARY Q topline was down by 3.7% to 91.9m, weighted by Thematic Catering revenues down by 5.4% to 66.8m but lifted up by Catering Leases revenues up by 5.4% to 6.7m. Brasseries earnings remained flat over the first quarter 2012 at 18.4m. Results were impacted by worse climate conditions in February and a weak economic situation with the consumption slowdown. Nevertheless, financial results improved (- 1m in Q1 12 vs - 1.4m) and EBIT increased by 4.6% to 7.2m. The group benefited from a transformation compensation of a Bistro Romain into Hippopotamus and a reduction of the cost of the debt which dropped from 93m to 84.4m (yoy). Q1 12 net income rose by 15.9% to 3.5m despite the higher taxes over the quarter ( +0.3m). Groupe Flo has launched its 30 th restaurant abroad. In June the group opened a Tablapizza in Alger and a second Hippopotamus in Singapour. In March and April, the activity rebounded and amounted to the same level as in 2011, and Groupe Flo s market shares have increased at lunch. ANALYSIS The press release was in line with the expectations. Though, the sales declined over the first quarter in 2012, Groupe Flo resisted rather well to the economic growth slowdown thanks 1/ the good performance of catering leases, 2/ the transformations of Bistro Romain 3/ the development of the network (15 restaurants are expected to open in 2012) both abroad and through franchises. These triggers increased market shares of the group and should limit the decline of the results over the year. Concerning profitability, the group improved its EBIT margin by 70bps (yoy) to 7.9% even if we expect it to slightly decrease by the end of Moreover, deleveraging of the company over Q1 12 (- 8.4m) boost the profits by 15.9% and likely continues by the 31th December. We forecast a stronger interest for consumers and franchises in brands such 1/ Brasseries Flo, for the Paris image that embodies the brand particularly abroad, 2/ Hippopotamus and Tablapizza through franchises network and 3/ the new brand RED, based on exclusive red-meat offer, for its innovative concept. VALUATION We initiate GROUPE FLO with a Buy rating and a 12 months target price at 4.0 (50% DCF with terminal growth rate +1% and 50% Peers) based on 8.2x EV/EBIT 2013e. We estimate that 1/ the value of the stock is very attractive, 2/ the deleveraging of the group and 3/ the development of the network and the transformation of Bistro Romain should maintain in 2012 and lift in the following years the results and the profitability of the group. 1

2 SUMMARY... 3 GROUP PRESENTATION ) THEMATIC CATERING... 5 HIPPOPOTAMUS (164 restaurants o/w 72 franchises)... 5 TABLAPIZZA (28 restaurants o/w 9 franchises)... 5 TAVERNE DE MAITRE KANTER (TMK) (39 restaurants o/w 34 franchises)... 5 BISTRO ROMAIN (22 restaurants o/w 4 franchises) ) BRASSERIES (34 brasseries o/w 18 franchises) ) CATERING LEASES... 6 GROUP HISTORY... 7 INVESTMENT TRIGGERS... 8 Catering demand increases constantly... 8 Development of Group Flo s network... 8 Customers loyalty... 8 INVESTMENT RISKS... 9 Risk concerning the French VAT... 9 Risk of a flat economic context in France... 9 Risk of raw-material prices and dependence with its suppliers... 9 Food safety and hygiene regulatory requirements VALUATION FINANCIAL OVERVIEW

3 SUMMARY Groupe Flo became one of the main French catering group with famous 1/ thematic catering brands (Hippopotamus, Tablapizza, Bistro Romain, Taverne de Maître Kanter), 2/ brasseries (le Vaudeville, la Coupole ) and 3/ catering leases from the end of the 80 s. Financial Flo is owned at 70.58% by a consortium bringing together investors, on the one hand, the Compagnie Nationale à Portefeuille (CNP) and Ackermans & van Haaren (AvH) one the other hand by Tikehau Capital through society Tikeflo. Despite the current difficult economic situation, Groupe Flo generated 382m of revenues (up 0.9%) and 15m of profits (down 1.3%) in The group should benefit from 1/ the expand of its network of domestic and international franchises (15 openings expected in 2012), though the increase of raw material prices and the flat economic growth likely tighten margins of the group 2/ the transformation of 7 Bistro Romain into Hippopotamus which will raise the top-line and the profitability of the group in / the deleveraging of the group (gearing decreased from 63% to 52% over the last year). 3

4 GROUP PRESENTATION Established in 1968 by Jean-Paul Bucher, Groupe Flo is the leading French commercial catering served at the table and is a leading European leader on a highly fragmented market segment. Groupe Flo is structured around 302 restaurants (165 owned and 137 franchised) and three distinct and complementary operating segments: 1/ Thematic catering (Hippopotamus, Tablapizza, TVM and Bistro Romain) 2/ Brasseries (Le Vaudeville, la Coupole ) and 3/ Catering Leases. The Group is active in the intermediate segment (meals between 15 and 30) with Hippopotamus, Bistro Romain, the Taverns of Maître Kanter, Tablapizza and Leases and also in the upper segment (meals above 30) with Brasseries. Total sales under banners (franchises included) reached 587.5m (up 2.9%) in The consolidated turnover of Groupe Flo amounted to 382.2m (+1.3% like for like) distributed as follows: 73.8% thematic catering, 19% Brasseries and 7.2% leases. 7% 19% 74% Thematic Catering Breweries Catering leases This growth is mainly lifted by the opening of franchises (27 openings realized since the beginning of 2010). H were resilient with a regularly growth, nevertheless from August the European crisis have weighed on households consumption and confidence. This trend strengthened over the last quarter Though on 30th September 2011, the lease contract of 4 restaurants around Disneyland Paris ended because it was not a strategic activity for the group, revenues of leases gained 13% in 2011 due to the openings of 3 new restaurants around CNIT. Besides, the closure of 7 Bistro Romain for transformation had negatively impact the revenues and cost 1.7m. It will have a positive impact as soon as As of the 31th December 2011, among the 302 restaurants of the group (franchises included), 8 own their restaurants, 15 have a leasing contract and the 279 others rent their restaurants. 4

5 1) THEMATIC CATERING HIPPOPOTAMUS (164 restaurants o/w 72 franchises) Since the opening of its first restaurant in 1968, Hippopotamus has become the benchmark of grill-restaurants in France. Positioned on catering intermediate segment, the main competitor is Buffalo Grill. Hippopotamus benefits from a strong notoriety, particularly in Paris region. Hippos offer a wide range of grilled meat with strict quality and conformity criteria. With their long opening hours, they are the favorite meeting place for lunch and dinner with family or friends. Groupe Flo bought-out Hippopotamus in 1992 and its 15 restaurants. With 164 restaurants in 2011 (vs 150 in 2010) of which 72 franchises, Hippopotamus total sales rose by 9.8% to 308.3m, i.e. 52.5% Group Flo total sales. TABLAPIZZA (28 restaurants o/w 9 franchises) Inside a Tablapizza restaurant, the specialty is the pizza. Groupe Flo acquired the 6 Tablapizza s restaurants in Positioned on catering intermediate segment, the main competitors are Pizza Hut, Domino s pizza This brand represents one of the main growth trigger of Groupe Flo. With 28 restaurants in 2011 (vs 28 in 2010) of which 9 franchises, Tablapizza total sales rose by 6.7% to 35.2m, i.e. 6% Group Flo total sales. TAVERNE DE MAITRE KANTER (TMK) (39 restaurants o/w 34 franchises) Woodwork, stained glass, felted carpets and subdued lighting, the Taverns of Maître Kanter are in the tradition of Alsatian tavern. Groupe Flo bought-out the 2 TMK restaurants in Positioned on catering intermediate segment, the main competitors are El Rancho, Bistro Romain. TMK represents one of the main growth trigger of Groupe Flo. With 39 restaurants in 2011 (vs 40 in 2010) of which 34 franchises, TMK total sales rose by 3.8% to 63m, i.e. 10.7% Group Flo total sales. 5

6 BISTRO ROMAIN (22 restaurants o/w 4 franchises) Established in 1982, the Bistro Romain teaches is based on four principles: generosity, the price, and the host part. Our restaurants offer a culinary moment in Italian. Groupe Flo acquired Bistro Romain restaurants in With 22 restaurants in 2011 (vs 29 in 2010) of which 4 franchises in 2011, Bistro Romain total sales dropped by 3.8% to 37.8m, i.e. 6.4% Group Flo total sales. This decrease is mainly due to the transformation of 7 Bistro Romain into Hippopotamus (impact of -1.7m on EBIT). 2) BRASSERIES (34 brasseries o/w 18 franchises) Brasseries division consists of typical famous Parisian brasseries: Flo, Julien, Le Vaudeville, and Petit Bofinger, Le Boeuf sur le Toit, La Coupole... and also provincial ones: Les Beaux Arts in Toulouse, the Excelsior in Nancy... Most brasseries have a rich artistic and cultural past and an authentic setting. Each brewery offers different menus and a wide range of produce renewed every day. With 34 brasseries in 2011 (vs 33 in 2010) of which 18 franchises, Brasseries division sales under the brand slightly decreased by 1.8% to 92.9m in 2011, i.e. 15.8% Group Flo total sales. 3) CATERING LEASES Through 15 leases in 2011, Groupe Flo was able to develop 3 successful implementations around 1/ the park Disneyland Paris in the Disney Village, 2/ the Jardin des Plantes in Paris and 3/ the CNIT at La Défense. These contracts are usually concluded for a period from 5 to 10 years and revenues come from a percentage fee on the EBIT. In 2011 three additional restaurants opened in the CNIT and the management mandate of four restaurants in the Disney Village ended. With 15 leases in 2011 (vs 16 in 2010), Catering leases division sales under the brand slightly dropped by 7.5% to 50.4m in 2011, i.e. 8.5% Group Flo total sales. 6

7 GROUP HISTORY 1968: Creation of Groupe Flo due to the buy-out of Brasserie Flo by J-P. Bucher. 1982: opening of the first international brewery of the group in Barcelone. 1988: opening of the first brewery in Japan. 1992: Acquisition of Hippopotamus (15 restaurants). 1994: Groupe Flo signed a management contract with Disneyland Paris. 1996: First crisis of the mad cow disease. 1998: IPO in the Second Marché. 2000: acquisition of Bistro Romain. Second crisis of the mad cow disease. 2001: Dominique Giraudier replaced the founder at the head of the group. 2006: Jean-Paul Bucher family exit from the capital in place of Financière Flo (owned 70.58% of Groupe Flo s capital). 2007: Acquisition of «Taverne de Maître Kanter» 2009: 20m of capital increase. Lower VAT in France to 5.5% vs 19.6% 2010: launch of Red d Hippo 2012: higher VAT in France from 5.5% to 7%. Opening of the 30th international restaurant of Groupe Flo. 7

8 INVESTMENT TRIGGERS Catering demand increases constantly French revenues spend in catering services away from home increase regularly every year, driven by structural socio-economic leverage: - Longer distance work / home, implying a lower return to home at midday - Less time spent on meal, including shortening the lunch-break. In 2010, the French spend circa 20 to 30 minutes to their meals vs 1hour and 38 minutes in Development of nomadic food - ramp-up of the pace of life Commercial catering and catering away from home are expected to keep growing in the next years driven by 1/ persistence of structural changes in lifestyle which should be accompanied by increased food intake outside the home 2/ commercial catering which has significant growth opportunities and could enable it to resist to the growth of alternative food systems and 3/ thematic catering which could satisfy customer s new expectations. Development of Group Flo s network Over the last year, Groupe Flo maintained the development of its brands network with 13 openings of which 10 franchises. Hippopotamus : - 7 transformations of former Bistro Romain of which 1 franchise - 1 transformation of a former TMK franchise - 7 openings and 1 closure in franchises Taverne de Maître Kanter : - 1 opening and 1 closure in franchise, Bistro Romain: 7 transformations, Brasseries: 2 openings and 1 closure of franchises Leases: 3 openings and management mandate of 4 restaurants in the Disney Village ended. Customers loyalty. Hippopotamus is the first domestic catering brand to suggest to its customers a loyalty program. Launched in November 2011, the program "Ma Carte Hippopotamus" expected to boost Hippopotamus clients consumption, to better know their purchasing behaviours and to reinforce their relations with Hippopotamus. The loyalty program offers to its subscribers to cumulate 10% of the purchase done in Hippos, on a loyalty account. More than 4 times at Hippopotamus, then you can pay within Hippos with your loyalty account. 8

9 INVESTMENT RISKS Risk concerning the French VAT The purchase power of the French households is one of the main trigger of the Groupe Flo s activity. That is why; French policy concerning the Value Added Tax is one of the main risk for the group. A modification of the VAT rate by the current French government is not expected by autumn Either the government will raise the VAT rate, or it will ask some measures (employment, price conditions) to the catering professionals. Risk of a flat economic context in France Revenues of Groupe Flo restaurants are directly linked to the economic situation in Western Europe and particularly in France. The current economic slowdown decreases the customer s purchases in restaurants. Since 2008, consumers behavior changed and has impacted revenues of catering groups. It could still affected revenues of Group Flo in the following year. In this context, Groupe Flo attempts to adapt itself through frequently renewed offer of products and promotional policies in the different brands. Risk of raw-material prices and dependence with its suppliers Though Groupe Flo does not depend on a supplier in particular, it achieves its purchases from wholesalers. Therefore prices variations and scarcity of raw-materials still impacted revenues and benefits forecasts of the restaurants. The group has no financial coverage tasks but try to link its prices on the costs variation of products. Sustainable property leases, franchises and leases network? Only 8 restaurants are owned by the group, 15 are under leasing contract and the 279 others restaurants have property leases (min 3y, max 9y). Groupe Flo could have some difficulties to renew its property leases or with more binding conditions or higher prices that could lead to a negative impact on results and profitability. Moreover, franchises are one of the main trigger of the company, however franchises can hit the brand image, fall in bankruptcy or not renew their contracts with Groupe Flo particularly in the case of leases (in 2011 the leases for 4 restaurants in Disney ended). 9

10 Food safety and hygiene regulatory requirements Groupe Flo restaurants have to respect several food safety and hygiene regulatory requirements: temperature control, registration schedule for cleaning, control of best before date Various services (Direction Départementale de la Protection des Populations, safety commission etc.) ensure compliance of these requirements both at the opening of a new restaurant and during the lifetime of restaurants. These controls are associated with trainings for operating managers and kitchen staff, who are in charge of the compliance of the requirements. Strong competition and seasonable activity Commercial catering sector is evolving, new actors emerge and groups concentrate. Commercial catering consists on 1/ fast food, 2/ thematic catering, 3/ thematic fast food, 4/ cafeteria, 4/ pizza and 5/ grill. On grill segment, Buffalo Grill and Courtepaille are the main competitors of Hyppopotamus and in pizza segment PizzaHut and Domino s Pizza are the main competitors of Tablapizza. Groupe Flo expects to keep its positioning by using «strong brands» easily identifiable by consumers and using advertising media in order to strengthen its profile. It highlights the originality of tis offer and its good price / quality ratio. Concerning the seasonable activity of the sector, Groupe Flo is linked to the end of year festivities: the last quarter is above 30% higher than the rest of the year. 10

11 VALUATION We valued Groupe Flo using a combination of methods: DCF and comparative valuation. Methods Weight Stock price DCF 50% 3,6 Peers 50% 4,3 Average 4,0 PEERS COMPARISON For relative valuation we chose 5 companies and find a stock price at 4.3 per share: 1. At 0.62x EV/Sales, Groupe Flo is valued at 2.55 per share. 2. At 7.45xEV/EBITDA, the company s suggested value is 5.63 per share. 3. At 10.63xEV/EBIT, the company s suggested value is 4.77 per share. Peers EV/Sales EV/EBIDTA EV/EBIT SODEXO 0,55 7,9 10,1 AUTOGRILL SPA 0,53 5,2 10,3 COMPASS GROUP PLC 0,79 9,3 11,4 Average 0,62 7,45 10,63 DISCOUNTED CASH FLOWS: The DCF model, based on WACC of 7.8% and terminal growth rate of 1%: e 2013e 2014e 2015e 2016e 2017e 2018e 2019e 2020e 2021e R evenues 382,3 374,0 380,5 388,0 394,7 401,2 404,2 411,9 420,5 423,0 426,0 revenue growth % 0,9% -2,2% 1,8% 2,0% 1,7% 1,6% 0,8% 1,9% 2,1% 0,6% 0,7% EB IT 30,8 30,2 30,9 31,7 32,1 32,5 32,5 33,0 33,5 33,1 32,8 margin % 8,1% 8,1% 8,1% 8,2% 8,1% 8,1% 8,1% 8,0% 8,0% 7,8% 7,7% Dep & Amort 13,1 15,2 15,3 15,5 15,7 16,0 16,4 16,7 17,2 17,6 18,1 CapEx 15,9 16,5 17,2 17,9 18,6 19,3 20,1 20,9 21,8 22,6 23,5 WCR change 1,0 0,5-0,4-0,4-0,4-0,4-0,2-0,5-0,6-0,2-0,2 Free Cash Flow (FCF) 16,6 16,8 16,5 17,0 18,1 18,1 18,0 17,7 17,7 17,6 17,1 D isco unted cash flo w 0,0 16,8 15,9 15,2 15,0 13,9 12,9 11,7 10,9 10,1 9,0 D isco unted terminal value 121,9 WACC assumptions: Beta 0,70 M arket premium 8,5% RiskFree Rate 3,5% Cost of Equity 9,5% Long-term Equity Weight 70% Cost of Debt 5,7% Long-term Tax rate 33% Tax Effected Cost of Debt 3,8% Long-term Debt Weight 30% Terminal growth 1,0% WA C C 7,8% DCF valuation m DCF stream 139,6 DC terminal value 121,9 Total DC Enterprise Value 261,5 Net Debt 78,9 Equity Value 182,6 P rice target 3,6 11

12 FINANCIAL OVERVIEW P&L (m ) Revenues 380,0 389,5 364,5 378,8 382,3 growth % 2,5% -6,4% 3,9% 0,9% - o/w Thematic catering 263,6 279,7 265,0 280,0 282,2 growth % 6,1% -5,3% 5,7% 0,8% - o/w Breweries 87,3 83,8 75,3 74,6 72,5 growth % -4,0% -10,1% -0,9% -2,8% - o/w Catering leases 29,1 26,0 24,2 24,2 27,6 growth % -10,7% -6,9% 0,0% 14,0% EBIT 33,0-53,7 20,8 31,1 30,8 margin % 8,7% -13,8% 5,7% 8,2% 8,1% Net Profit 19,0-38,4 5,9 15,3 15,1 margin % 5,0% -9,9% 1,6% 4,0% 3,9% In 2010 and 2011 the company top-line has shown a rebound respectively +3.9% and +0.9% thanks to its Thematic catering division, up by +5.7% to 280m in 2010 and by +0.8% to 282.2m in The Brasseries division revenues dropped by respectively 0.9% and 2.8% in 2010 and The EBIT margin sharply increased in 2009 and 2010 and remained stable in 2011 at 8.1%. In 2008, losses amounted 38.4m. Net profits sharply rose from 5.9m to 15.3m and slightly decrease to 15.1m in Balance Sheet (m ) Goodwill Other non-current assets Inventories Trade receivables Other current assets Cash and marketable securities EQUITY Non-controlling interest Financial debt Trade payables Other liabilities TOTAL The goodwill accounted 30% of total assets as of December 31, 2011, at 123m. Trade receivables accounted for 4.5% of total assets. The inventories include foods and raw material valued 3m at 31 December The trade payables represented 14.5% of total liabilities, and the financial debt 27.2% at 109m of which 24.7m of short term and 84.1m of long term. 12

13 Thematic catering P&L Thematic catering (m ) Revenues 263,6 279,7 265,0 280,0 282,2 growth % 12,7% 6,1% -5,3% 5,7% 0,8% EBITDA restated 41,7 31,7 35,4 52,9 56,2 margin % 15,8% 11,3% 13,4% 18,9% 19,9% The Thematic catering division generated 282.2m of revenues in 2011 (+0.8%), and represented 73.8% of the total revenues. Thanks the transformation of restaurants and despite the slowdown of economic growth, profits from recurring operations grew up from 31.7m to 56.2m, the margin increased from 11.3% to 19.9%. In Q1 12 Thematic catering revenues declined by 5.4%to 66.8m. Brasseries P&L Breweries (m ) Revenues 87,3 83,8 75,3 74,6 72,5 growth % 6,3% -4,0% -10,1% -0,9% -2,8% EBITDA restated 15,6 13,3 10,2 13,2 10,9 margin % 17,9% 15,9% 13,5% 17,7% 15,0% The Brasseries division generated 72.8m of revenues in 2011 (-2.8%) and represented 19% of the total revenues. Since 2007, revenues decreased from 87.3m to 72.5m due to the decrease of owned Brasseries for the benefit of franchises. EBITDA margin decreased to 15% in 2011 mainly due to a difficult economic context and the lower gains per meal. In Q1 12, Brasseries revenues remained flat (yoy) at 18.4m. Catering leases P&L Catering leases (m ) Revenues 29,1 26,0 24,2 24,2 27,6 growth % -10,5% -10,7% -6,9% 0,0% 14,0% EBITDA restated 4,9 3,6 2,8 3,8 3,0 margin % 16,8% 13,8% 11,6% 15,7% 10,9% The Catering leases division generated 27.6m of revenues in 2011 and represented 7.2% of the total revenues. EBITDA margin decreased to 10.9% in 2011 mainly due to a difficult economic context and the lower gains per meal. In Q1 12, Catering leases revenues rose by 5.4% to 6.7m mainly due to the opening of 3 catering leases around CNIT at the end of

14 Cash Flow statement Cash Flows (m ) Net Profit 19,0-38,4 5,9 15,3 15,1 Depreciation and provisions 12,7 92,0 15,4 14,0 13,1 Others 15,7-30,2 10,0 6,8 3,3 WCR -2,5 5,2-9,3 2,0 1,0 Operating cash flows 44,9 28,6 22,0 38,1 32,5 Purchase of intangibles and PP&E 40,3 16,0 1,1 10,0 15,9 Others Investments 0,0 0,0 0,0 0,0-0,4 FREE CASH FLOW 85,2 44,6 23,1 48,1 48,0 In 2011, though net profits remained stables, cash flows from operating activities declined from 38.1m to 32.5m. Purchase of intangibles increased from 10m to 15.9m in 2011 because purchase rose from 13.8m to 17.2m while disposals dropped from 3.8m to 1.3m. The free cash flow shows a surplus of 48m (after 48.1m in 2010). 14

15 NFinance Securities est une entreprise d'investissement agréée et réglementée par l'autorité de Contrôle Prudentiel et par l'autorité des Marchés Financiers. Les informations exprimées dans cette étude sont soumises seulement à titre informatif et ne sont en aucune façon une offre ou une sollicitation d acheter ou de vendre les instruments financiers mentionnés ci-dessus. Les informations exposées dans ces analyses et/ou études sont issues de sources dignes de foi. La responsabilité de NFinance Securities ne saurait être engagée, directement ou indirectement, en cas d erreur ou d omission. Tout investissement dans les instruments financiers entraîne une prise de risque pouvant résulter, pour l'investisseur, en des pertes en capital du fait, entre autres, des fluctuations des marchés financiers ou des cours d instruments financiers spécifiques. En applications des règlements de l AMF nous publions les informations suivantes : participation de NFinance Securities dans l émetteur : néant, contrat de liquidité : néant, montages d opérations financières : néant, intérêt personnel de l analyste : néant, prestations de conseils : néant, prestations de services : néant, communication préalable à l émetteur : oui. Ce document ne peut pas être distribué au Royaume Uni, sauf aux personnes autorisées ou exemptées sous le UK Financier Securities Act 186 et l article 11 (13) du Financial Securities Act. Ce document ne peut pas être distribué ou disséminé aux États Unis ou dans ses possessions. Les valeurs mobilières sujet de cette étude n ont pas été enregistrées avec le Securities and Exchange Commission et envoyer cette étude à un résident des États-Unis est interdit. Le document ci-dessus peut utiliser les méthodes de valorisation suivantes : Méthode DCF : la méthode des cash flows actualisés consiste à définir les cash flows qu'une société va dégager dans le futur et à les actualiser à un taux représentant le coût moyen pondéré du capital. Ces hypothèses sont calculées et définies par l'analyste. Méthode des comparables boursiers : cette méthode consiste à calculer des ratios de valorisation de sociétés cotées comparables et à appliquer ces ratios aux fondamentaux de la société à valoriser. Méthode des ratios de valorisation historiques : cette méthode consiste à calculer les ratios de valorisation moyens historiques de la société et à les appliquer à ses fondamentaux. Méthode de l'anr : consiste à évaluer les actifs du bilan en valeur de marché par la méthode la plus pertinente pour l'analyste Méthode des multiples de transaction : consiste à appliquer à la société les ratios de valorisation récemment constatés lors de transaction sur des sociétés comparables. Ratings of companies under coverage between the 25/04/2012 and the 25/04/ % 2% 2% 68% Buy Hold Sell Neutral 15