Slidecast of Arseus.

1.  1 

2. Overview : Arseus
 What?
 Where?
 Financial analysis
 Share price
 Comparing 1H 2011 – 1H 2012
 Forecast
 Conclusion
 Sources
2

3. What?
1 company  4 businesses
ARSEUS
3

4. Where?
Rotterdam
28 countries
Waregem
2500 employees
4

5. Financial analysis :
share price since IPO
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6. Financial analysis :
Since IPO + EPS
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7. Financial analysis :
Share price last year
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8. Financial analysis :
comparing 1H 2011- 2H 2012
+ 15
%
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9. Financial analysis :
comparing 1H 2011- 2H 2012
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10. Financial analysis :
comparing 1H 2011- 2H 2012
EBIT – Company profit
+21%
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11. Financial analysis :
comparing 1H 2011- 2H 2012
Net financial debt
Net financial
debt is
increasing!
2011 2012 11

12. Forecast
Last trading update (12-10-2012)
 Organic growth : + 5,4%
 MANAGEMENT CONFIRMS :
Profitability is
expected to grow
faster than turnover
growth.
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13. Forecast
 ANALYSTS CONSENSUS OF PROFITABILITY :
Share price : € 14,3 = 1,23 * 11,62
12-2011 12-2012 12-2013 12-2014
act est est est
EPS 1,08 1,23 1,32 1,54
P/E 13,24 11,62 10,83 9,29
 PERSONAL OPINION :
Share price today (10nov) €14,01
Price target end 2014 : 1,54 * 11,62 = €17,9
Return 27,76% on 2 years  annual + 13%
10 times return of a saving
account!
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14. Forecast
 PERSONAL OPINION :
A possible extra trigger :
Arseus can be a target for a great pharma-player
CAN DRIVE THE SHARE
PRICE EVEN HIGHER!
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15. Conclusion
 Non—cyclical industry
 High growth potential for long term
LOW RISK INVESTMENT with a change of a GOOD RETURN
 6/2/2013 next annual results
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16. The end
Thanks for listening!
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17. Sources
 http://www.bloomberg.com/quote/RCUS:BB
 http://www.arseus.com/nl/
 http://www.tijd.be/beurzen/Arseus.60194088
 http://www.euroinvestor.com/exchanges/arseus
 http://www.beursduivel.be/nieuws/2621649/omzettoena
me-arseus.html
 http://moneytalk.knack.be/economie/geld-en-
beurs/beursnieuws/organische-groei-arseus-verloopt-
sneller-dan-totale-groei/article-4000201384488.htm
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