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

Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Target
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%
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

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

.