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
Now pursuing organic growth ambitions
Earnings/sales releases26/01/2018

Robust Q4 sales match guidance.

Chargeurs releases robust Q4 2017 sales in line with its previous guidance. It once again confirms the strength of its Protective Films business.


Fact

Chargeurs releases robust Q4 2017 sales in line with its previous guidance. It once again confirms the strength of its Protective Films business.



Analysis

The above sales total will not be a departure from management guidance. Essential comments will be about the impressive growth pace posted by Protective Films quarter after quarter (+9% over Q4), the ability to defend flat yearly sales in Fashion Technologies while 2016 was a high base and the adverse US$ impact at c.-1.3% over the year.

The lfl 7% annual growth of Protective Film sales is significant not only because it is Chargeurs most important business and cash flow machine but also because it has coped easily with a stream of acquisitions that could have been disrupting its operational performance. We understand that this division management has found the daily tweaks to face tighter capacity usage in a strong demand context.


Impact

Recurring earnings are indicated at at least €43m. This matches our recently trimmed forecast which stood above earlier guidance. While this is extremely satisfactory, it is increasingly clear that the ambitious growth plans involving heavy opex and capex will mean that the next two year bottom line growth will be more measured. We do not change our numbers before the 2017 release (7-03-2017)


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

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