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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player?
Target
Upside 21.2%
Price (€) 11.92
Market Cap (€M) 301
Perf. 1W: 0.17%
Perf. 1M: 0.85%
Perf. 3M: 36.5%
Perf Ytd: 2.05%
10 day relative perf. to stoxx600: -1.12%
20 day relative perf. to stoxx600: -2.25%
Target Change04/04/2016

Very strong 2015 Ebit delivery helps boost forecasts and valuatuon

Change in Target Price€ 14.6 vs 13.2+10.1%

The substantial valuation upgrades reflect a stronger than expected showing in 2015, positive views of the 2016 earnings outlook and our less conservative view on an SOTP that is the core to the group valuation



Change in EPS2015 : € 0.67 vs 0.65+2.10%
2016 : € 1.09 vs 0.88+23.8%

2016 and 2017 eps are revised sharply upward to reflect a stronger than expected pre tax earnings base in 2015 reflecting positively on the future as well as the distinct possibility that Chargeurs will continue to contain its tax bill significantly through the use of tax loss carry forward.



Change in NAV€ 17.9 vs 13.9+28.8%

The SOTP is supported by the use of market multiples on operating assets vs. a book value before, a stronger net cash position and slight upgrade in the value of tax assets.



Change in DCF€ -28.0 vs 16.1ns

The DCF of Chargeur is mechanically positively impacted by the stronger operational outlook short term (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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