Analyst Note
| Henry Heathfield, CFA |Scor has reported net income of EUR 234 million for the full year. While this is above our estimate of EUR 182 million, all in all, Scor’s results do appear to show a bit of a deterioration on the nine-month position. We are therefore maintaining our EUR 27.5 fair value estimate and our no moat rating. Shares are fairly valued at current levels.