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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Target
Upside 37.3%
Price (€) 10.28
Market Cap (€M) 256
Perf. 1W: -0.19%
Perf. 1M: -14.3%
Perf. 3M: -9.19%
Perf Ytd: -12.0%
10 day relative perf. to stoxx600: 5.07%
20 day relative perf. to stoxx600: -13.4%
Earnings/sales releases21/01/2014 17:07

More of the same

Fact

Chargeurs’ Q4 sales figures are in line with 9-month trends, confirming solid progress in the Thin films sector, still weak demand in Interlining and sharply declining sales in Wool as the group has sold those parts of the Wool businesses which were capital hungry
On a pro-forma basis, group sales are down 4%. In the real world, they are down 11% to €466m.


Analysis

There is no surprise in these figures. The good news may actually be on the Interlining business which posted another 3% quarterly decline but would have returned flat sales without the negatives of a weaker Argentine Peso and a weaker Real. This means that this unit is defending its turf well.


Impact

There is no reason to change earnings expectations before the earnings release on 7/03/2014 even though we are clearly verging on the optimistic side. The group has confirmed another sharp debt reduction which will probably lead it to be debt free which is one of the central planks of its promises. Earnings growth will follow whatever.


Updates

21 Jan 14 Earnings/sales releases
More of the same

25 Nov 13 Other news/comments
Steady going over Q3

01 Sep 13 Earnings/sales releases
Corner turned?

24 Jan 13 Earnings/sales releases
€16m 2012 loss; regaining room for manoeuvre

26 Nov 12 Earnings/sales releases
Resistance of prices, drop in volumes

03 Oct 12 Earnings/sales releases
Worsening context weighs on profitability

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