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 change20/11/2017

Capex acceleration to foster quality growth

Change in EPS2017 : € 1.25 vs 1.37-8.76%
2018 : € 1.44 vs 1.53-6.15%

We adjust 2017 for higher financing-related costs and possibly marginally higher opex increases than those already booked, thereby preparing the way for long-term quality growth. 2018 and 2019 marginal changes reflect higher capex and no immediate extra sales.



Change in Target Price€ 25.8 vs 25.2+2.23%

On the back of robust Q3 sales and expanded capex plans spanning 2017-2019, we fine tune our figures for 2017 to 2019 including higher financing costs reflecting preemptive excess funding.



Change in DCF€ 26.2 vs 28.6-8.40%

The DCF drop reflects higher near term capex & net debt while it is a bit early to allow for stronger growth (from 2020 on). This is a conservative adjustment



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

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

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

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