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From an industrialist to a luxury player?
Upside 118%
Price (€) 7.84
Market Cap (€M) 197
Perf. 1W: -3.21%
Perf. 1M: -24.8%
Perf. 3M: -30.0%
Perf Ytd: -42.2%
10 day relative perf. to stoxx600: -14.3%
20 day relative perf. to stoxx600: -24.9%
EPS change02/09/2015

Strong H1 and more offensive stance

Change in EPS2015 : € 0.65 vs 0.66-1.39%
2016 : € 0.88 vs 0.78+12.3%

Underlying EPS are upgraded by about 9% for both 2015 and 2016. In 2015, this is partly hidden through tax changes and goodwill impairment adjustments. The bottom-line impact is rather more visible in 2016.

Change in Target Price€ 13.2 vs 12.8+3.33%

A strong H1, pulled up by Protective Film operations and their large US exposure, does underline the solid organic fundamentals that back a 9% EBIT upgrade. Chargeurs isolated a new growth-driven fourth business, Technical Substrates, from the Interlining business. This is behind the renewed confidence from management to change the so far staid image of Chargeurs.

Change in NAV€ 13.9 vs 13.7+1.58%

The SOTP is allowing for a tentative valuation of the new Technical Substrates business, which contracts the value of the Interlining business from which it was spun off. The net impact is a small gain.

Change in DCF€ 16.3 vs 14.7+11.0%

The DCF is mechanically positively impacted by the stronger operational outlook short term (2015, 2016 and 2017). Other parameters are unchanged.


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

02 Sep 15 Earnings/sales releases
An unexpected growth message wrapped in a s...

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