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
DCF Change31/01/2017

Preliminary 2016 strong delivery and upgrade to DCF

Change in DCF€ 18.4 vs 18.40.00%

Chargeurs' "hidden wealth" is made of a very large inventory of tax loss carry forwards that we account for as a very low tax rate in DCF out-year projections reverting to a normal tax rate. We have lowered the pace at which this reversion occurs as it otherwise meant an implied 2022 50% tax rate instead of 33%.



Change in Target Price€ 20.3 vs 20.30.00%

We have only marginally tweaked 2017 and 2018 EPS expectations on the back of a confirmed excellent 2016. The DCF update is more substantial but is due to tax adjustments (see relevant section).



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

20 May 17 Other news/comments
Chargeurs opens its heart

25 Apr 17 Earnings/sales releases
Surprisingly strong Q1 growth at Protective Films

14 Mar 17 Earnings/sales releases
Excellent 2016 delivery, confidence reinforced

31 Jan 17 Earnings/sales releases
Strong 2016 sales and operating delivery

15 Nov 16 Earnings/sales releases
Very solid Q3 revenues indeed

14 Sep 16 Earnings/sales releases
Very convincing first half indeed

14 Sep 16 Target Change
H1 shows jump in profitability

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