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
Carrying on with strategic acquisitions
Target
Upside 95.5%
Price (€) 13.64
Market Cap (€M) 389
Worth Knowing
A bit of history

2015 experienced a tectonic change in the Chargeurs shareholding with 28% of the equity changing hands (see Governance section). This brought to an end about 25 years of management by Mr Eduardo Malone backed by the historical main shareholder of Chargeurs, Mr Seydoux. Both then exercised their control through convertibles that were converted in September 2015. An ad hoc grouping of investors named Columbus Holding SAS has since been the new “reference” shareholder. Columbus has been set up for the sole purpose of owning Chargeurs shares and is managed by Mr Michaël Fribourg who also acts as the Chairman and CEO of Chargeurs SA. The relative weights of the Columbus shareholders remain unknown but Mr Fribourg made it clear by early 2019 that he had gained the “vast majority” of Columbus. Columbus itself may be geared to some extent as Chargeurs has established an active dividend policy.

Convincing drive

The big change introduced by the new owner and manager is to pursue a clear line of profitable growth across the existing four lines of business. They are identified as niche businesses but big enough, due to the world reach of Chargeurs, to offer considerable earnings/dividends prospects provided there is a process to address that growth potential.

Over the last three years, it is clear that the new governance has whipped into positive action existing businesses and managed to surround itself with a new breed of entrepreneurial managers at headquarter level. This appears to result in a positive mixture of extracting more from existing operations through a development logic (as opposed to the cost-paring obsessions of too many managers) and preparing the group for quality growth through well-prepared acquisitions.

Next big step

Chargeurs’ drive for growth has set a 2021 target at €1bn, which requires acquired growth and a rights issue according to our projections. It is unknown whether such acquired growth may end up adding a fifth business line.

Shareholders Click onto see a given shareholder other stakes
Name% owned Of which
% voting rights
Of which
% free to float
Columbus Holding SAS 27.8%29.8%0.00%
Sycomore Asset Mgt
Sycomore Asset Mgt is shareholder of
  • Total
     
    €M 132
10.4%10.2%10.4%
Apparent free float  72.2%
Changes to Shareholding : 07/05/2019.
Concepts
Business concepts
  • Holding profile
Investment Concepts
  • Transformation