AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II


Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Upside 36.3%
Price (€) 10.36
Market Cap (€M) 258
Perf. 1W: 1.77%
Perf. 1M: -12.9%
Perf. 3M: -7.83%
Perf Ytd: -11.3%
10 day relative perf. to stoxx600: 8.45%
20 day relative perf. to stoxx600: -13.2%
Earnings/sales releases28/01/2016 18:35

Confirmed robust 2015 sales


Chargeurs posted 2015 sales up 4.3% after a Q4 up 9.1%. Adjusted for currency effects, 2015 sales growth is computed up 1.7% (excluding trading revenues on the Wool business). Total sales stood at €499m vs. €478 in 2014.

Separately management confirmed that its 2015 underlying Ebit will be above €27m.


Chargeurs 2015 group sales stood a whisker away from our own expectations rounded out at €500m for good measure. The group’s figures were above guidance. Such guidance may look cautious with the benefit of hindsight but reflects the reporting uncertainties attached to the truly global exposure of the Chargeurs businesses.

As was already clear from previous quarters, the nominal pull was from the Protective Film business, the group’s current cash cow, and Technical Substrates, the rising star, recently extracted from the “old” Interlining division. Both “Film” and “Substrates” confirmed that they offer growth with respectively 10% and 22% over the full year. On an lfl basis, the figures become respectively 3.6% and 20%. Not bad.

The narrowed down “new” Interlining business posted a pretty satisfactory 4% FY increase. The currency impacts were not highlighted but Chargeurs did mention mix gains. It looks as if the focus on financially stronger clients, year after year, is paying off and enabling the company to focus on more profitable products in a challenging business.

The last division, Wool, is more of a trading type business revenue wise meaning that absolute sales levels don’t tell us much.


The strong top-line showing and confirmation that earnings will beat earlier guidance is a good start for the new governance. It appears that the new boss (Mr Michaël Fribourg) has not wasted time taking the full measure of the business, keeping a keen eye on cash generation while preparing a more growth-oriented strategy.

Awaiting earnings before revising our expectations, which are most likely on the way up.


14 Sep 16 Target Change
H1 shows jump in profitability

20 Jul 16 Other news/comments
Chargeurs goes for acquired growth, at last

15 Mar 16 Earnings/sales releases
Strong 2015 earnings and refreshing growth tone

28 Jan 16 Earnings/sales releases
Confirmed robust 2015 sales

12 Nov 15 Earnings/sales releases
Q3 sales growth where it matters: protective films

08 Oct 15 ESG related
Change of control

08 Sep 15 ESG related
Voting rights reaffirmed

02 Sep 15 Earnings/sales releases
An unexpected growth message wrapped in a s...