AlphaValue Corporate Services
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Bloomberg   CRI FP
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Strong 2025 ambitions, luxury flavour
Upside 147%
Price (€) 12.1
Market Cap (€M) 299
Perf. 1W: 5.31%
Perf. 1M: -18.0%
Perf. 3M: -16.3%
Perf Ytd: -50.8%
10 day relative perf. to stoxx600: 0.94%
20 day relative perf. to stoxx600: -17.7%
EPS change22/09/2022

Adjustments to our FY 22-23 outlook following the H1 results

Change in EPS2022 : € 1.05 vs 1.32-20.4%
2023 : € 1.35 vs 1.48-9.08%

Following the publication of the H1 22 results, we have adjusted our FY 22-23 EPS estimates downward. The FY 22 EPS forecast now sees a decline due to lower than expected revenues and margin contribution from Chargeurs Personal Care (formerly Chargeurs Healthcare Solutions), because of the improved sanitary situation. Based on this, we estimate Chargeurs Personal Care's revenues at €28.4m versus €85.3m previously and underlying profit of €7.1m versus €18m previously in FY 22. We have also lowered our estimates for the CMS (Chargers Museum Solutions) division in FY 22 to be in line with the 5% operating margin in H1. We now estimate an underlying operating profit margin for FY 22 of 6.5%, bringing the underlying profit down to €5.1m from the previously estimated €6.8m. However, we believe there will be an improvement in 2023 and 2024 as projects won in 2021 and 2022 should deliver profits in 2023-24.

Change in DCF€ 37.2 vs 38.3-3.08%

Our DCF-based valuation sees a marginal cut from €38.3 to €37.2 after incorporating our adjustments to the FY 22-23 EPS forecast (see EPS comment). We expect revenues to reach c.€905m against €926m previously in FY 24 and an operating underlying profit of €75m.


15 Sep 22 Other news/comments
The up-and-coming luxury player

12 Sep 22 Earnings/sales releases
H1 22: an encouraging start to FY 2022 demon...

13 May 22 Earnings/sales releases
Upbeat start to 2022 propelled by strong growth...

18 Feb 22 Earnings/sales releases
FY21: CPF achieves record year, group’s finan...

11 Nov 21 Earnings/sales releases
Q3 performance confirms our FY view

23 Sep 21 Latest
Change of valuation profile

13 Sep 21 Earnings/sales releases
H1 21: strong execution and record order books...