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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
Strong 2025 ambitions, luxury flavour
Target
Upside 76.3%
Price (€) 15.7
Market Cap (€M) 391
Debt

Funding has not been an issue as Chargeurs’ management has wisely accumulated excess resources to this end through a combination of private debt placings (Euro PP), the most recent of which launched at the end of 2020 for €100m, and various credit lines, which stood at €141m at the close of December 2020.

The group’s net debt position rose slightly in 2019-20, reaching €127m at end December, while the net debt/EBITDA ratio saw a significant decline due to the solid EBITDA generation in FY20 (€102m), falling from 2.0x the year prior to 1.2x. This low financial leverage should provide plenty of flexibility for future investments and capex to sustain Chargeurs’ ambitious 2025 revenue (€1.5bn) and operating income (€150m) targets.

Funding - Liquidity
  12/21A 12/22E 12/23E 12/24E
EBITDA €M 73.8 64.1 80.1 96.5
Funds from operations (FFO) €M 43.0 45.1 56.7 68.6
Ordinary shareholders' equity €M 267 276 305 338
Gross debt €M 332 331 284 263
   o/w Less than 1 year - Gross debt €M 28.4 65.2 35.1 41.7
   o/w 1 to 5 year - Gross debt €M 174 149 139 120
   of which Y+2 €M 65.2 35.1 41.7 31.9
   of which Y+3 €M 35.1 41.7 31.9 40.0
   of which Y+4 €M 41.7 31.9 40.0 25.3
   of which Y+5 €M 31.9 40.0 25.3 22.9
   o/w Beyond 5 years - Gross debt €M 130 118 110 102
 + Gross Cash €M 215 196 151 135
 = Net debt / (cash) €M 117 135 133 129
Bank borrowings €M 332 327 282 262
Financial leases liabilities €M 0.00 0.00 0.00 0.00
Other financing €M 0.00 4.30 1.70 1.20
Gearing (at book value) % 45.6 45.6 43.9 38.7
Equity/Total asset (%) % 64.0 61.1 63.7 66.5
Adj. Net debt/EBITDA(R) x 2.01 2.60 2.06 1.67
Adjusted Gross Debt/EBITDA(R) x 4.88 5.73 4.00 3.11
Adj. gross debt/(Adj. gross debt+Equity) % 57.4 57.1 51.2 47.0
Ebit cover x 4.26 3.14 5.22 6.53
FFO/Gross Debt % 11.9 12.3 17.7 22.9
FFO/Net debt % 36.7 33.4 42.7 53.3
FCF/Adj. gross debt (%) % 15.1 5.17 9.24 12.3
(Gross cash+ "cash" FCF+undrawn)/ST debt x 9.48 3.30 5.15 4.11
"Cash" FCF/ST debt x 1.83 0.30 0.87 0.90
Credit Risk
Covenants
BeginEndTriggerConditionConsequence
30/06/2017 31/12/2023 Gearing < 85.0 Early repayment
30/06/2017 31/12/2023 Net debt/Ebitda(R) < 3.50 Early repayment
Changes to Story : 03/01/2023, Changes to Forecasts : 03/01/2023.