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Bloomberg   CRI FP
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Strong 2025 ambitions, luxury flavour
Upside 82.9%
Price (€) 15.15
Market Cap (€M) 377
Perf. 1W: -2.45%
Perf. 1M: 5.94%
Perf. 3M: 8.60%
Perf Ytd: 7.60%
10 day relative perf. to stoxx600: -2.76%
20 day relative perf. to stoxx600: 7.72%
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.


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

03 Sep 14 Earnings/sales releases
Sparkling H1 results from Protective Film busin...

12 May 14 Earnings/sales releases
Chargeurs has released Q1 sales up 1.9% pro-f...

09 May 14 EPS change
Solid operations and zero debt