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


Bloomberg   CRI FP
Holding Companies  /  France  Web Site   |   Investors Relation
Now pursuing organic growth ambitions
Pension matters

At the end of 2018, Chargeurs employed 2,000 staff, a big jump from the c.1,600 of 2017. Obviously, this is due to acquisitions. About half is European based with the bulk (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 out of France) 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 to assess its obligations cautiously at least as far as Europe is concerned. The US discount rate at 4.3% seems correspondingly high.

  • Summary
  • Geo. Liabilities
  • Inputs
  • Funded Oblig.
  • Plan Assets
  • Unfund. Obligations
  • B/S Impact
  • P&L Impact
  • Corridors
Upside 68.7%
Price (€) 16.8
Market Cap (€M) 406
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Changes to Forecasts : 14/09/2020.