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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
Strong 2025 ambitions, luxury flavour
Target
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%
Target Change05/05/2021

Minor EPS adjustments following Q1 top-line publication

Change in Target Price€ 33.9 vs 34.0-0.32%

The adjustments made to our FY21-22 EPS estimates have a negligible effect on our target price. We remain convinced on Chargeurs' solid business models and operational strengths, which are set to benefit from supportive demand trends including the progressive recovery of sectors such as construction and the lifting of lockdown restrictions in Western markets. The latter should also lead to an improvement in market conditions in the retail and fashion industries, ameliorating the outlook for CFT-PCC, CLM and the technical substrates business under CMS, all of which were most affected by the COVID-19 pandemic.



Change in EPS2021 : € 1.13 vs 1.21-6.73%
2022 : € 1.30 vs 1.33-2.84%

Following the publication of the record Q1 revenues, we have adjusted our FY21-22 EPS slightly; notably we have rectified our forecasts for the Protective Films division which overestimated the effect on revenues from the strong demand recovery seen across sectors such as construction due to a "restocking effect".

This results in CPF's FY21e revenues reaching €317m instead of €385m. We have also adjusted our profitability assumptions for the division in 2021, rising more in line with the 2019 performance. These changes have only a minor impact on our FY21e EPS.



Updates

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...

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