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
Carrying on with strategic acquisitions
Opinion change24/04/2017

Protective Films pulls up valuation strongly again

Change in Opinion

Change in EPS2017 : € 1.54 vs 1.45+6.43%
2018 : € 1.59 vs 1.64-2.98%

We have upgraded our 2017 earnings on the back of the excellent 2016 delivery and complemented by a strong Q1 top line. Beyond 2017, it is hard to expect any additional progress in already very strong margins. More may depend on acquired growth.



Change in NAV€ 25.8 vs 21.7+19.2%

We have significantly increased our NAV due to the higher valuation of Protective Films. This business benefits from higher industry (specialist chemicals) multiples and improved EBITDA outlook.



Change in DCF€ 23.9 vs 18.1+32.0%

The strong increase reflects a higher cash generation potential made clear by solid 2016 earnings as well as a positive first stab at 2019. Out-year growth is kept low and assumes an erosion in margins.



Target
Upside 75.3%
Price (€) 17.6
Market Cap (€M) 406
Perf. 1W: -5.38%
Perf. 1M: 4.89%
Perf. 3M: 13.4%
Perf Ytd: 1.85%
10 day relative perf. to stoxx600: -0.62%
20 day relative perf. to stoxx600: 3.75%
Updates

10 Sep 17 Other news/comments
Ship-shape form and growth-minded

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

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