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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
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From an industrialist to a luxury player?
Target
Upside 31.5%
Price (€) 11.16
Target Price (€) 14.7
Market Cap (€M) 281
Perf. 1W: 2.39%
Perf. 1M: -6.69%
Perf. 3M: -5.74%
Perf Ytd: -4.45%
10 day relative perf. to stoxx600: -1.39%
20 day relative perf. to stoxx600: -5.86%
Target Change28/01/2020
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Change in Target Price€ 31.5 vs 30.6+2.99%

Our increased TP sees its biggest impact from the changes to our NAV following the inclusion of D&P Incorporated and updated EV metrics for the group's divisions. Having already factored a c.€100m increase in revenues from inorganic growth into our DCF assumptions, the marginal increase in our DCF derives from the higher expected profitability (recurring operating margin of 10%) than our base assumptions.



Change in NAV€ 31.1 vs 29.5+5.51%

We have included the acquisition of D&P Incorporated under the newly renamed Museum Solutions division (ex-Technical Substrates). We have also updated our EV estimates based on our expected EBITDA (for Protective Films) and EBIT (for Fashion Technologies and Museum Solutions) assumptions.
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