Chargeurs

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

Strong 2025 ambitions, luxury flavour

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 Healthcare Solutions is proof of astute and effective management, becoming a fantastic asset that has helped the group leapfrog its diversification ambitions
The main business, Protective Films, has a remarkable FCF potential as the need for quality in industrial processes is so ubiquitous

Cons

The firm is small in absolute terms and may fall below most investors' radars
Challenging market conditions in the fashion industry will continue weighing on the activities of CFT-PCC in FY21, with a material recovery expected not until FY22
While Chargeurs' CEO has gained a large majority control of Columbus (30% controlling shareholder) in early 2019, which is good news for minorities, the detailed ownership of Columbus remains unknown

Updates

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...
14/09/20	EPS	Our FY20 EPS estimate sees a major up...
14/09/20	NAV	Our NAV/SOTP valuation is mainly impac...
14/09/20	Earnings	H1: an absolute home run
29/04/20	Earnings	New healthcare products activity unlocks ...
17/04/20	Target	The cut to our target price reflects the mo...
17/04/20	EPS	The lower FY19 EPS reflect the costs rel...
17/04/20	NAV	Our estimated NAV remains quite conser...
17/04/20	DCF	We maintain our base assumption which ...
14/04/20	Latest	New protective equipment activity to help ...
09/03/20	Earnings	Staying on course with strategic roadmap...
03/02/20	Earnings	FY19 sets a sound foundation for growth ...
28/01/20	M&A /Corp.	Strategic move towards museum servicin...
28/01/20	Target	Our increased TP sees its biggest impact...
28/01/20	NAV	We have included the acquisition of D&P ...
18/11/19	Earnings	Q3: another robust quarterly showing
18/11/19	EPS	We have slightly trimmed our 2019 EPS ...
23/09/19	EPS	Our EPS estimates decreased on the bac...

Key Data

	12/20A	12/21A	12/22E	12/23E	12/24E
Adjusted P/E (x)	10.3	17.7	19.5	12.3	9.11
Dividend yield (%)	8.34	5.37	4.98	7.13	9.64
EV/EBITDA(R) (x)	4.65	9.03	8.67	6.43	5.32
Adjusted EPS (€)	1.53	1.30	0.86	1.24	1.66
Growth in EPS (%)	132	-14.9	-33.7	43.1	34.6
Dividend (€)	1.32	1.24	0.84	1.08	1.46
Sales (€M)	822	737	752	827	892
Underlying operat. profit margin (%)	9.65	6.88	5.28	6.45	7.64
Attributable net profit (€M)	35.7	30.6	20.6	29.4	39.8
ROE (after tax) (%)	15.2	12.1	7.57	10.1	12.4
Gearing (%)	58.0	45.6	45.6	43.9	38.7
Next Div. Indic € 0.56 payment 30/04/2023