BIC: Current premium already reflects improvings trends
NEUTRAL, Fair Value EUR91 (+4%)
BIC continued to gain market share in Q3 2013 in all three categories and in all regions within the Consumer Business. Trends were slightly better at BIC APP, with the first signs of a recovery in Stationery (still tough for Hard Goods) in Europe and a better level of service in the US. We have carried-out minor adjustments to our FY 2013 assumptions due to the impact of FX on sales but also to a positive impact on opex. Management said it was too early to have a precise contribution from Cello Pens in BIC’s accounts for 2014.
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