AlphaValue Corporate Services
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Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player
Target
Upside 33.8%
Price (€) 10.32
Market Cap (€M) 257
Perf. 1W: -3.55%
Perf. 1M: 2.38%
Perf. 3M: 6.72%
Perf Ytd: 4.45%
10 day relative perf. to stoxx600: -7.01%
20 day relative perf. to stoxx600: -3.32%
EPS change02/09/2013 14:21

Deep, deep discount and firming up ground

Change in EPS2013 : € 0.29 vs 0.30-3.85%
2014 : € 0.52 vs 0.49+6.19%

Fine-tuning on EPS primarily combining a better outlook on Protection films and a more cautious one on Interlining with positive net implications on DCF-based valuations.



Change in DCF€ 6.58 vs 5.85+12.5%

Stronger DCF-based valuation on account of firmer earnings forecasts from 2014 onwards. Net debt at parent company level unchanged.



Updates

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

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

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