PPR: Fair Value upgraded, Neutral maintained

NEUTRAL, Fair Value EUR166 vs. EUR152 (-3%)

News published on February Monday 18, 2013
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2012 has been a positive year for PPR despite some disappointment at Gucci’s sales growth but with a surprisingly good level of profitability. Given better 2012 figures and our DCF model update, we have upgraded our FV from EUR152 to EUR166. Neutral maintained.

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