Chargeurs

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Chargeurs ^CR	Bloomberg CRI FP
Support Services / France	Web Site \| Investors Relation

From an industrialist to a luxury player

Pros

Chargeurs is focusing on no-nonsense profitable growth, with a keen eye for developing businesses in niche markets with a low capital intensity
The creation of Museum Studios, a unique one-stop-shop offering in a very scattered market, demonstrates Chargeurs' ingenuity and this has rapidly established itself as the group's new growth lever
The rapid expansion of Chargeurs' Luxury division presents several opportunities, culminating in a significant forthcoming acquisition

Cons

The firm is small in absolute terms and may fall below most investors' radars
The uncertain macro-economic environment is weighing on the group's largest division, Chargeurs Advanced Materials, even if volume has reached an inflection point
Chargeurs' net debt is now high (3.5x leverage) and may deteriorate further following an acquisition

Updates

26/10/24	Opinion	Buy vs Add
09/09/24	Earnings	Solid first half with robust cash generation
30/04/24	Earnings	Q1-24 Chargeurs kicks off the year in hig...
16/02/24	Earnings	Operational results in line with the 2023 e...
20/12/23	M&A /Corp.	Chargeurs, the rationale behind a takeov...
15/11/23	EPS	We have downgraded our EPS estimates...
15/11/23	NAV	Given that we have based our NAV valua...
15/11/23	DCF	The sharp fall in our DCF comes from the...
13/11/23	Earnings	The worst is over as Chargeurs Advance...
16/09/23	EPS	We have revised our estimates for 2023 ...
16/09/23	NAV	Given that we have based our NAV estim...
16/09/23	DCF	The sharp fall in our DCF comes from our...
12/09/23	Earnings	Solace in museums
26/05/23	EPS	We have revised our FY 23-24 assumptio...
26/05/23	NAV	Our NAV has increased on the back of u...
26/05/23	DCF	Our DCF-based valuation is reduced slig...
25/05/23	Earnings	Heading for a Chargeurs Advanced Mate...
13/03/23	Earnings	Strong 2022 introduces a promising 2023
19/12/22	Strategy	From an industrialist to a luxury player?
15/11/22	EPS	We have incorporated the 9m 22 number...
15/11/22	DCF	In line with the downward revision of our ...
10/11/22	Earnings	Q3 22: a subdued quarter
22/09/22	EPS	Following the publication of the H1 22 res...
22/09/22	DCF	Our DCF-based valuation sees a margina...
15/09/22	Other news	The up-and-coming luxury player
12/09/22	Earnings	H1 22: an encouraging start to FY 2022 d...
13/05/22	Earnings	Upbeat start to 2022 propelled by strong ...
24/03/22	EPS	We have incorporated the FY21 figures, ...
24/03/22	NAV	We have adjusted the value of the differe...
24/03/22	DCF	Our DCF-based valuation sees a margina...
18/02/22	Earnings	FY21: CPF achieves record year, group’s...
11/11/21	Earnings	Q3 performance confirms our FY view
23/09/21	Latest	Change of valuation profile
13/09/21	Earnings	H1 21: strong execution and record order...
05/05/21	Target	The adjustments made to our FY21-22 E...
05/05/21	EPS	Following the publication of the record Q...
05/05/21	Earnings	Protective Films and Healthcare Solution...
29/04/21	Target	The valuation increases across the differ...
29/04/21	EPS	The significant upgrade in our FY21-22 E...
29/04/21	NAV	We have updated our estimated NAV by i...
29/04/21	DCF	The rise in our DCF-based valuation is dri...
20/04/21	EPS	We have revised our earnings expectatio...
20/04/21	NAV	The valuation of Chargeurs' business line...
24/02/21	Earnings	CHS leads FY20 record result as Charge...
28/01/21	EPS	We have raised our EPS estimates for F...
28/01/21	Earnings	FY20 ends on a high note as Protective F...
11/11/20	Earnings	Healthcare-led Q3 lifts full-year outlook
11/11/20	EPS	Our FY20 EPS estimate increases on the...
14/09/20	Target	Our target price is virtually unchanged foll...

Key Data

	12/22A	12/23A	12/24E	12/25E	12/26E
Adjusted P/E (x)	18.3	82.7	19.7	11.3	8.87
Dividend yield (%)	4.51	0.00	5.99	6.99	7.98
EV/EBITDA(R) (x)	8.72	11.1	8.89	7.50	6.43
Adjusted EPS (€)	0.92	0.14	0.51	0.88	1.13
Growth in EPS (%)	-29.2	-84.5	256	73.6	27.8
Dividend (€)	0.76	0.00	0.60	0.70	0.80
Sales (€M)	746	653	730	810	888
Underlying operat. profit margin (%)	6.08	4.07	4.88	5.87	6.65
Attributable net profit (€M)	22.1	1.50	12.0	20.8	26.6
ROE (after tax) (%)	8.08	0.56	4.64	7.62	9.05
Gearing (%)	53.5	89.6	103	98.3	92.7
Next Div. Indic € 0.20 payment 10/06/2025