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Chargeurs

CR
Bloomberg   CRI FP
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From an industrialist to a luxury player
Target
Upside 36.3%
Price (€) 10.36
Market Cap (€M) 258
Perf. 1W: 1.77%
Perf. 1M: -12.9%
Perf. 3M: -7.83%
Perf Ytd: -11.3%
10 day relative perf. to stoxx600: 8.45%
20 day relative perf. to stoxx600: -13.2%
Target Change15/05/2015 17:03

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.



Updates

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

11 Mar 14 Earnings/sales releases
Solid operations combine with zero debt

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