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Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 101%
Price (€) 12.72
Target Price (€) 25.5
Market Cap (€M) 319
Perf. 1W: 2.58%
Perf. 1M: -10.2%
Perf. 3M: -7.96%
Perf Ytd: -6.26%
10 day relative perf. to stoxx600: -10.4%
20 day relative perf. to stoxx600: -11.2%
EPS change16/11/2011
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Visible slowdown in demand
Change in EPS2011 : € 0.43 vs 0.54-20.5%
2012 : € 0.50 vs 0.61-17.2%

Following the Q3 release, we have revised down our EBITDA forecast for 2011, 2012 and 2013, by respectively -7.7%, -6.8% and -5.9%, to take into account the economic / financial turmoil which led to weak demand.
Change in DCF€ 6.94 vs 8.61-19.5%

Following the Q3 release, we have revised down our EBITDA forecast for 2011, 2012 and 2013, by respectively -7.7%, -6.8% and -5.9%, to take into account the economic / financial turmoil which led to weak demand.
Updates

16 Nov 11 Earnings/sales releases
Visible slowdown in order inflow for Q4

16 Nov 11 EPS change
Visible slowdown in demand

29 Aug 11 Earnings/sales releases
For H1 11, Chargeurs reported a 13.6% increas...

29 Aug 11 NAV Change
The slight increase in our NAV valuation is prim...

17 May 11 Other news/comments
Through a total return swap, Pathé has sold 73...

10 May 11 Earnings/sales releases
Q1 11: revenue was €140.6m, up 14.6%, of whi...

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