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 change23/09/2019

Fine-tuning for Protective Films' challenging dynamic in H1

Change in EPS2019 : € 0.87 vs 1.21-27.7%
2020 : € 1.28 vs 1.68-23.9%

Our EPS estimates decreased on the back of a downward adjustment in our turnover and operating profit forecasts for the Protective Films division. This is to account for the lower demand in Germany and China in H1, which also weighed on profitability as these markets exhibit particularly high margins in this activity. While we expect a steady recovery over the course of H2 and the start of 2020, this negative blip in demand has a had an effect on overall profitability given the important contribution of the Protective Films division to the group's earnings.



Change in DCF€ 38.5 vs 41.0-6.25%

Our DCF valuation is impacted by our lower earnings forecasts for 2019-20, due to the challenging market dynamics for the Protective Films division, as explained in our EPS change comment. This, however, has a marginal impact on our target price which is dominated by a NAV/SOTP-based valuation which is hardly swayed by quarterly revenues.



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

18 Sep 19 Earnings/sales releases
H1: organic growth recovery and a brighter outl...

07 May 19 Earnings/sales releases
Successful acquired growth offsets organic sl...

21 Mar 19 EPS change
Pricing acquired growth

15 Mar 19 Earnings/sales releases
Solid 2018 execution confirms growth potential

31 Jan 19 Earnings/sales releases
Solid 2018 vintage

16 Nov 18 Earnings/sales releases
On time delivery, cont’d

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