AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
2025 objectives raise organic growth ambitions
Pros
  • Chargeurs is focusing on no-nonsense profitable growth, with a keen eye for developing businesses in niche markets with a low capital intensity
  • The creation of Healthcare Solutions is proof of astute and effective management, becoming a fantastic asset that has helped the group leapfrog its diversification ambitions
  • The main business, Protective Films, has a remarkable FCF potential as the need for quality in industrial processes is so ubiquitous
Cons
  • The firm is small in absolute terms and may fall below most investors' radars
  • Challenging market conditions in the fashion industry will continue weighing on the activities of CFT-PCC in FY21, with a material recovery expected not until FY22
  • While Chargeurs' CEO has gained a large majority control of Columbus (30% controlling shareholder) in early 2019, which is good news for minorities, the detailed ownership of Columbus remains unknown
Updates
23/09/21 LatestChange of valuation profile
13/09/21 EarningsH1 21: strong execution and record order...
05/05/21 TargetThe adjustments made to our FY21-22 E...
05/05/21 EPSFollowing the publication of the record Q...
05/05/21 EarningsProtective Films and Healthcare Solution...
29/04/21 TargetThe valuation increases across the differ...
29/04/21 EPSThe significant upgrade in our FY21-22 E...
29/04/21 NAVWe have updated our estimated NAV by i...
29/04/21 DCFThe rise in our DCF-based valuation is dri...
20/04/21 EPSWe have revised our earnings expectatio...
20/04/21 NAVThe valuation of Chargeurs' business line...
24/02/21 EarningsCHS leads FY20 record result as Charge...
28/01/21 EPSWe have raised our EPS estimates for F...
28/01/21 EarningsFY20 ends on a high note as Protective F...
11/11/20 EarningsHealthcare-led Q3 lifts full-year outlook
11/11/20 EPSOur FY20 EPS estimate increases on the...
14/09/20 TargetOur target price is virtually unchanged foll...
14/09/20 EPSOur FY20 EPS estimate sees a major up...
14/09/20 NAVOur NAV/SOTP valuation is mainly impac...
14/09/20 EarningsH1: an absolute home run
29/04/20 EarningsNew healthcare products activity unlocks ...
17/04/20 TargetThe cut to our target price reflects the mo...
17/04/20 EPSThe lower FY19 EPS reflect the costs rel...
17/04/20 NAVOur estimated NAV remains quite conser...
17/04/20 DCFWe maintain our base assumption which ...
14/04/20 LatestNew protective equipment activity to help ...
09/03/20 EarningsStaying on course with strategic roadmap...
03/02/20 EarningsFY19 sets a sound foundation for growth ...
28/01/20 M&A /Corp.Strategic move towards museum servicin...
28/01/20 TargetOur increased TP sees its biggest impact...
28/01/20 NAVWe have included the acquisition of D&P ...
18/11/19 EarningsQ3: another robust quarterly showing
18/11/19 EPSWe have slightly trimmed our 2019 EPS ...
23/09/19 EPSOur EPS estimates decreased on the bac...
23/09/19 DCFOur DCF valuation is impacted by our low...
18/09/19 EarningsH1: organic growth recovery and a bright...
05/07/19 M&A /Corp.Technical Substrates sprouting through a...
22/05/19 DCFMinor adjustments to reflect more modest...
07/05/19 EarningsSuccessful acquired growth offsets organ...
21/03/19 TargetThe target price's slight erosion is the net ...
21/03/19 EPSWhile 2018 EBIT developments were up t...
21/03/19 NAVThe NAV combines a resetting of the valu...
21/03/19 DCFAs out-years start from 2022, i.e. after an...
15/03/19 EarningsSolid 2018 execution confirms growth pot...
31/01/19 EarningsSolid 2018 vintage
16/11/18 EarningsOn time delivery, cont’d
07/09/18 EarningsRobust earnings delivery in more choppy ...
29/06/18 M&A /Corp.One stone, many great birds
29/06/18OpinionBuy vs Add
Target
Upside 36.5%
Price (€) 25.88
Market Cap (€M) 630
Perf. 1W: 1.49%
Perf. 1M: -2.49%
Perf. 3M: 20.8%
Perf Ytd: 56.3%
10 day relative perf. to stoxx600: -3.27%
20 day relative perf. to stoxx600: -5.57%