AlphaValue Corporate Services Fundamental Analysis FR
Back to
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
Holding Companies  /  France  Web Site   |   Investors Relation
2025 objectives raise organic growth ambitions
Target
Upside 31.6%
Price (€) 26.42
Market Cap (€M) 643
Debt

Funding has not been an issue as Chargeurs’ management has wisely accumulated excess resources to this end through a combination of private debt placings (Euro PP), the most recent of which launched at the end of 2020 for €100m, and various credit lines, which stood at €141m at the close of December 2020.

The group’s net debt position rose slightly in 2019-20, reaching €127m at end December, while the net debt/EBITDA ratio saw a significant decline due to the solid EBITDA generation in FY20 (€102m), falling from 2.0x the year prior to 1.2x. This low financial leverage should provide plenty of flexibility for future investments and capex to sustain Chargeurs’ ambitious 2025 revenue (€1.5bn) and operating income (€150m) targets.

Funding - Liquidity
  12/20A 12/21E 12/22E 12/23E
EBITDA €M 102 73.1 82.5 96.0
Funds from operations (FFO) €M 70.4 50.4 56.4 66.0
Ordinary shareholders' equity €M 237 224 257 299
Gross debt €M 348 330 303 269
   o/w Less than 1 year - Gross debt €M 38.3 26.3 64.7 35.1
   o/w 1 to 5 year - Gross debt €M 168 163 139 138
   of which Y+2 €M 26.3 64.7 35.1 41.7
   of which Y+3 €M 64.7 35.1 41.7 21.7
   of which Y+4 €M 35.1 41.7 21.7 40.0
   of which Y+5 €M 41.7 21.7 40.0 35.0
   o/w Beyond 5 years - Gross debt €M 142 140 100 95.0
 + Gross Cash €M 137 122 113 103
 = Net debt / (cash) €M 211 207 190 166
Bank borrowings €M 120 108 103 98.2
Issued bonds €M 81.0 81.0 81.0 82.0
Financial leases liabilities €M 0.00 0.00 0.00 1.00
Other financing €M 147 140 119 87.3
Gearing (at book value) % 75.7 93.4 77.3 59.6
Adj. Net debt/EBITDA(R) x 2.43 3.37 2.78 2.14
Adjusted Gross Debt/EBITDA(R) x 3.56 4.76 3.90 3.00
Adj. gross debt/(Adj. gross debt+Equity) % 60.6 60.9 55.6 49.0
Ebit cover x 8.62 4.64 5.52 5.94
FFO/Gross Debt % 19.3 14.5 17.5 23.0
FFO/Net debt % 33.4 24.3 29.7 39.8
FCF/Adj. gross debt (%) % 16.3 10.1 12.0 16.4
(Gross cash+ "cash" FCF+undrawn)/ST debt x 5.14 5.99 2.35 4.26
"Cash" FCF/ST debt x 1.52 1.34 0.60 1.35
Credit Risk
Covenants
BeginEndTriggerConditionConsequence
30/06/2017 31/12/2023 Net debt/Ebitda(R) < 3.50 Early repayment
30/06/2017 31/12/2023 Gearing < 85.0 Early repayment
Changes to Story : 13/09/2021, Changes to Forecasts : 13/09/2021.