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
Support Services  /  France  Web Site   |   Investors Relation
On solid footing to attain 2025 ambitions
Target
Upside 91.8%
Price (€) 16.48
Market Cap (€M) 408
Perf. 1W: 0.43%
Perf. 1M: -6.36%
Perf. 3M: -16.1%
Perf Ytd: -34.1%
10 day relative perf. to stoxx600: -3.57%
20 day relative perf. to stoxx600: -2.96%
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.



Updates

07 May 19 Earnings/sales releases
Successful acquired growth offsets organic sl...

21 Mar 19 EPS change
Pricing acquired growth

15 Mar 19 Earnings/sales releases
Solid 2018 execution confirms growth potential

31 Jan 19 Earnings/sales releases
Solid 2018 vintage

16 Nov 18 Earnings/sales releases
On time delivery, cont’d

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

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