AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services

Chargeurs

CR
Bloomberg   CRI FP
Holding Companies  /  France  Web Site   |   Investors Relation
Now in acquisition mode
Pros
  • Chargeurs is focusing on no-nonsense profitable growth "à la Danaher", i.e. the small holding company is akin to a small industrial conglomerate
  • The main business, Protective Films, has a remarkable FCF potential as the need for quality in industrial processes is so ubiquitous
  • Chargeurs is managed as a tight ship but will not hesitate to invest in competence. This does not hurt a dividend-friendly policy
Cons
  • The firm is small in absolute terms and may fall below most investors' radars
  • Preparing long-term growth through opex efforts and through well thought out acquisitions takes time
  • Ownership discovery is only partial at Columbus, the 30% controlling shareholder, although since 2019 Chargeurs' CEO has gained a large majority control of Columbus which is good news for minorities
Updates
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
29/06/18OpinionBuy vs Add
29/06/18 TargetThe PCC acquisition, which beefs up Cha...
29/06/18 EPSThe strong EPS upgrade in 2019 (first full...
29/06/18 NAVThe NAV is not impacted as PCC is take...
29/06/18 DCFThe DCF benefits from an acquisition wit...
18/04/18 TargetEarnings adjustments essentially below t...
18/04/18 EPSEPS adjustments are essentially the by-p...
18/04/18 NAVThe NAV allows for the upgrade of the Pr...
09/03/18 Other newsStrong operations confirm regime change
26/01/18 EarningsRobust Q4 sales match guidance.
20/11/17 TargetOn the back of robust Q3 sales and expa...
20/11/17 EPSWe adjust 2017 for higher financing-relat...
20/11/17 DCFThe DCF drop reflects higher near term c...
16/11/17 EarningsDiscipline pays off
11/09/17 TargetIn spite of a strong delivery over H1, most...
11/09/17 EPSWe trim our 2017 EPS to allow for more s...
11/09/17 DCFThe DCF metrics do not matter so much ...
10/09/17 Other newsShip-shape form and growth-minded
20/05/17 Other newsChargeurs opens its heart
25/04/17 EarningsSurprisingly strong Q1 growth at Protectiv...
24/04/17 EPSWe have upgraded our 2017 earnings on ...
24/04/17 NAVWe have significantly increased our NAV ...
24/04/17 DCFThe strong increase reflects a higher cas...
14/03/17 EarningsExcellent 2016 delivery, confidence reinf...
14/03/17 TargetThe target price benefits from the strong ...
14/03/17 EPSEPS adjustments are minor including for ...
14/03/17 NAVThe NAV erosion is only due to a lower n...
14/03/17 DCFThe marginally lower DCF is a reflection ...
31/01/17 EarningsStrong 2016 sales and operating delivery
31/01/17 TargetWe have only marginally tweaked 2017 a...
31/01/17 DCFChargeurs' "hidden wealth" is made of a ...
15/11/16 EarningsVery solid Q3 revenues indeed
14/09/16 EarningsVery convincing first half indeed
14/09/16 TargetAll valuation metrics benefit from the very...
14/09/16 EPSThe strong H1 earnings confirm that 2016...
14/09/16 NAVThe NAV is propped up substantially by t...
20/07/16 Other newsChargeurs goes for acquired growth, at last
09/05/16 TargetWe have updated our figures with 2015 fi...
09/05/16 EPSStrong Q1 revenues help support the cas...
09/05/16 DCFThe DCF based valuation gains from allo...
Target
Upside 54.3%
Price (€) 19.55
Market Cap (€M) 451
Perf. 1W: -1.66%
Perf. 1M: -6.99%
Perf. 3M: 23.6%
Perf Ytd: 16.4%
10 day relative perf. to stoxx600: -8.81%
20 day relative perf. to stoxx600: -9.95%
Overview
Value
Equity Risk
Governance
Ranking
Best
Chargeurs
Other financials
Worst