AlphaValue Corporate Services
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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 19.2%
Price (€) 11.76
Market Cap (€M) 292
Perf. 1W: 0.17%
Perf. 1M: 8.29%
Perf. 3M: -1.84%
Perf Ytd: 19.0%
10 day relative perf. to stoxx600: -3.81%
20 day relative perf. to stoxx600: -1.78%
Target Change14/09/2016 13:29

H1 shows jump in profitability

Change in Target Price€ 19.0 vs 16.5+15.4%

All valuation metrics benefit from the very solid H1 16 release which raise the bar for profit potential



Change in EPS2016 : € 1.18 vs 1.14+3.25%
2017 : € 1.38 vs 1.22+13.6%

The strong H1 earnings confirm that 2016 will be an excellent year so we have raised our expectations by about 4%. There is room for an even higher upgrade in 2017 at +14%.



Change in NAV€ 22.5 vs 18.5+21.7%

The NAV is propped up substantially by the higher levels of profitability of the various businesses, starting with the Protective Films one.



Updates

14 Sep 16 Earnings/sales releases
Very convincing first half indeed

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

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