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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
Strong 2025 ambitions, luxury flavour
Target
Upside 107%
Price (€) 12.89
Market Cap (€M) 319
Perf. 1W: -0.31%
Perf. 1M: -0.77%
Perf. 3M: -15.0%
Perf Ytd: -47.6%
10 day relative perf. to stoxx600: -0.72%
20 day relative perf. to stoxx600: -10.3%
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.



Updates

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

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

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