AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
Strong 2025 ambitions, luxury flavour
Target
Upside 112%
Price (€) 12.64
Market Cap (€M) 313
Perf. 1W: -0.63%
Perf. 1M: -4.24%
Perf. 3M: -16.6%
Perf Ytd: -48.7%
10 day relative perf. to stoxx600: -6.89%
20 day relative perf. to stoxx600: -11.8%
Earnings/sales releases21/01/2014

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

15 May 15 Target Change
Chargeurs Redux

23 Mar 15 Earnings/sales releases
Faster forward

10 Feb 15 Earnings/sales releases
2014 sales above expectations

18 Nov 14 Earnings/sales releases
Volume growth confirmed

03 Sep 14 Earnings/sales releases
Sparkling H1 results from Protective Film busin...

12 May 14 Earnings/sales releases
Chargeurs has released Q1 sales up 1.9% pro-f...

09 May 14 EPS change
Solid operations and zero debt

11 Mar 14 Earnings/sales releases
Solid operations combine with zero debt

21 Jan 14 Earnings/sales releases
More of the same

.