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
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From an industrialist to a luxury player?
Target
Upside 25.6%
Price (€) 11.98
Market Cap (€M) 302
Perf. 1W: 0.17%
Perf. 1M: 0.50%
Perf. 3M: 2.57%
Perf Ytd: 2.57%
10 day relative perf. to stoxx600: -0.20%
20 day relative perf. to stoxx600: -3.47%
Target Change28/01/2020

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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