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
EPS change14/03/2017

Excellent 2016 comforts new management's ambitions

Change in EPS2016 : € 1.10 vs 1.22-9.81%
2017 : € 1.45 vs 1.40+3.09%

EPS adjustments are minor including for 2016 with a bottom line that books retructuring cost layers that were not accounted for in our forecasts. We marginally upgrade 2017 and 2018.



Change in Target Price€ 21.3 vs 20.9+2.15%

The target price benefits from the strong dividend policy. EPS revisions are modest for the time being. More of an upside will depend on views on the NAV once the full balance sheet is released.



Change in NAV€ 21.7 vs 22.6-3.98%

The NAV erosion is only due to a lower net cash position. The assets are very cautiously valued. We will probably upgrade these metrics when the full details are available.



Change in DCF€ 18.1 vs 18.4-1.38%

The marginally lower DCF is a reflection of the lower net cash balance. As a reminder, Chargeurs's DCF is hugely dependent on the view that one holds about the ability of the firm to ultimately recover part of its tax loss carry forwards thanks to a strong profitability.



Target
Upside 89.0%
Price (€) 14.24
Market Cap (€M) 406
Perf. 1W: 1.57%
Perf. 1M: 3.64%
Perf. 3M: -18.2%
Perf Ytd: -16.6%
10 day relative perf. to stoxx600: -1.45%
20 day relative perf. to stoxx600: 6.38%
Updates

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

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

.