AlphaValue Corporate Services
COVERAGE ABOUT US CONTACT FR
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Chargeurs

CR 		Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player?
Target
Upside 40.9%
Price (€) 10.5
Target Price (€) 14.8
Market Cap (€M) 265
Perf. 1W: -6.58%
Perf. 1M: -12.2%
Perf. 3M: -11.3%
Perf Ytd: -10.1%
10 day relative perf. to stoxx600: -10.0%
20 day relative perf. to stoxx600: -11.0%
EPS change09/05/2014
Download

Solid operations and zero debt
Change in EPS2014 : € 0.56 vs 0.52+7.07%
2015 : € 0.75 vs 0.52+42.6%

Eps clearly benefit from the strong 2013 actuals which establish a confident base for the mid-term outlook.
Change in DCF€ 8.96 vs 6.37+40.6%

Although a DCF is not the preferred valuation methodology, the upgrades to 2014-16 earnings have a direct positive impact on valuations, also helped by the fact that the group has moved to a net cash position.
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...

03 Sep 14 Target Change
Target price remains unchanged as H1 earning...

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

21 Jan 14 Earnings/sales releases
More of the same

.