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
Now pursuing organic growth ambitions
EPS change29/06/2018

Sizeable PPC acquisition brings immediate leverage

Change in EPS2018 : € 1.33 vs 1.28+4.13%
2019 : € 1.65 vs 1.43+15.1%

The strong EPS upgrade in 2019 (first full year of integration) is a reflection of the profitability of the acquired business as well as the fact that excess financing will have a decent return indeed.



Change in Target Price€ 30.2 vs 28.7+5.21%

The PCC acquisition, which beefs up Chargeurs' Fashion Technologies business, positively impacts its valuation as earnings immediately benefit (see ad hoc section).



Change in NAV€ 30.7 vs 30.1+1.78%

The NAV is not impacted as PCC is taken at its purchase price and no allowance is taken for (likely) synergies.



Change in DCF€ 36.5 vs 28.0+30.4%

The DCF benefits from an acquisition with a capital-light business model so that the EBITDA to FCF conversion is high and mechanically positively impacts intrinsic valuations.



Target
Upside 68.7%
Price (€) 16.8
Market Cap (€M) 406
Perf. 1W: -3.45%
Perf. 1M: 5.50%
Perf. 3M: 27.8%
Perf Ytd: -0.18%
10 day relative perf. to stoxx600: -10.2%
20 day relative perf. to stoxx600: 10.9%
Updates

07 Sep 18 Earnings/sales releases
Robust earnings delivery in more choppy (FX) ...

29 Jun 18 M&A /Corp. Action
One stone, many great birds

09 Mar 18 Other news/comments
Strong operations confirm regime change

26 Jan 18 Earnings/sales releases
Robust Q4 sales match guidance.

16 Nov 17 Earnings/sales releases
Discipline pays off

10 Sep 17 Other news/comments
Ship-shape form and growth-minded

.