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
Target Change09/05/2016

Change in Target Price€ 16.5 vs 14.8+11.3%

We have updated our figures with 2015 finals and given a slightly more positive twist to 2016 after strong Q1 revenue figures on a pro forma basis.



Change in EPS2016 : € 1.14 vs 1.09+5.00%
2017 : € 1.22 vs 1.16+4.70%

Strong Q1 revenues help support the case for a solid outlook in both 2016 and 2017. We record a small increase in bottom lines as a result.



Change in DCF€ 13.6 vs -28.0ns

The DCF based valuation gains from allowing for the strong 2016 net cash situation and the cancellation of a mistake on outyear tax payment in previous modelling.



Target
Upside 49.8%
Price (€) 19.04
Market Cap (€M) 460
Perf. 1W: 8.67%
Perf. 1M: 34.7%
Perf. 3M: 35.5%
Perf Ytd: 13.1%
10 day relative perf. to stoxx600: 24.9%
20 day relative perf. to stoxx600: 33.0%
Updates

20 Jul 16 Other news/comments
Chargeurs goes for acquired growth, at last

15 Mar 16 Earnings/sales releases
Strong 2015 earnings and refreshing growth tone

28 Jan 16 Earnings/sales releases
Confirmed robust 2015 sales

12 Nov 15 Earnings/sales releases
Q3 sales growth where it matters: protective films

08 Oct 15 ESG related
Change of control

08 Sep 15 ESG related
Voting rights reaffirmed

02 Sep 15 Earnings/sales releases
An unexpected growth message wrapped in a s...

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