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
EPS change11/09/2017

Strong cash flow invested in growth

Change in EPS2017 : € 1.37 vs 1.54-10.8%
2018 : € 1.53 vs 1.59-3.57%

We trim our 2017 EPS to allow for more spending on growth in businesses such as Fashion Technologies. The over-financing to prepare for acquisitions also has an immediate opportunity cost.



Change in Target Price€ 25.3 vs 25.2+0.41%

In spite of a strong delivery over H1, mostly on the Protective Film side, we leave our target price essentially unchanged as Chargeurs invests in faster growth at today's expense.



Change in DCF€ 28.7 vs 23.9+19.8%

The DCF metrics do not matter so much when valuing Chargeurs as we (still) look at it primarily as a holding company. But, longer term, more ambitious growth mechanically has a positive impact (excluding acquisitions).



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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