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
Holding Companies  /  France  Web Site   |   Investors Relation
2025 objectives raise organic growth ambitions
Pension matters

At the end of 2020, the Chargeurs workforce reached 2,500 employees, a big jump from the c.2,000 of 2019. Obviously this is owed to acquisitions, mainly the addition of D&P in early 2020. About half (1,083) is European based with the bulk (c.600) in France mainly driven by the Protective Films and Fashion Technologies operations. Chargeurs is keen both to rebalance its geography of production assets (i.e. new plants outside France like the recent production line in Italy) and the need to rejuvenate the French staff after many years of cost cutting.

Pension risks with a c.€17m deficit (mostly European unfunded plans) remain under control with the group using low discount rates (0.25%) to assess its obligations cautiously at least as far as Europe is concerned. The US discount rate at 3.3% seems correspondingly high.

Summary
  • Summary
  • Geo. Liabilities
  • Inputs
Plans
  • Funded Oblig.
  • Plan Assets
  • Unfund. Obligations
Impacts
  • B/S Impact
  • P&L Impact
  • Corridors
Target
Upside 31.6%
Price (€) 26.42
Market Cap (€M) 643
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Changes to Forecasts : 13/09/2021.