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Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 57.9%
Price (€) 8.77
Target Price (€) 13.8
Market Cap (€M) 220
Perf. 1W: 1.27%
Perf. 1M: 11.3%
Perf. 3M: -18.9%
Perf Ytd: -35.4%
10 day relative perf. to stoxx600: -4.81%
20 day relative perf. to stoxx600: 2.55%
Target Change15/05/2015
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Chargeurs Redux
Change in Target Price€ 13.1 vs 11.9+10.4%

The very healthy set of 2014 earnings is now fully accounted for which provides the basis for yet another increase in the SOTP.
Change in EPS2015 : € 0.66 vs 0.76-12.8%
2016 : € 0.78 vs 0.83-5.66%

EPS adjustments reflect essentially continuing financing costs as the group retains excess financing above its consolidated net cash position. Strong earnings on Protective-Films are partly offset by a more cautious view on the Wool subsidiaries.



Change in NAV€ 13.7 vs 12.6+8.79%

The improved SOTP is derived from higher year-end valuations of the three main units (partly derived from provision reversals) and an improved net cash position.



Change in DCF€ 15.0 vs 9.61+56.4%

The DCF fully captures a drop in spreads of 50bp to 150bp, an improved net cash situation and a higher starting point with 2014 EBITDA above expectations.
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