The sharp drop in the target price is due to an overdue set of adjustments that combines the H1 17 release and the dilution associated with financing, as well as a full resetting of forecasts to allow for various delays.

Updates to fragile forecasting models and dilution factors lead to significant corrections. 2017 earnings have also been hurt by capacity constraints at Inertam.

An overdue set of adjustments which combines the H1 17 release and the dilution associated with financing, as well as a full resetting of forecasts to allow for various delays, has an impact on the fragile NAV computations.

An overdue set of adjustments which combines the H1 17 release and the dilution associated with financing, as well as a full resetting of forecasts to allow for various delays, has an impact on the fragile DCF computations.