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 Change14/09/2016

H1 shows jump in profitability

Change in Target Price€ 19.0 vs 16.5+15.4%

All valuation metrics benefit from the very solid H1 16 release which raise the bar for profit potential



Change in EPS2016 : € 1.18 vs 1.14+3.25%
2017 : € 1.38 vs 1.22+13.6%

The strong H1 earnings confirm that 2016 will be an excellent year so we have raised our expectations by about 4%. There is room for an even higher upgrade in 2017 at +14%.



Change in NAV€ 22.5 vs 18.5+21.7%

The NAV is propped up substantially by the higher levels of profitability of the various businesses, starting with the Protective Films one.



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 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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