Chargeurs

The strong EPS upgrade in 2019 (first full year of integration) is a reflection of the profitability of the acquired business as well as the fact that excess financing will have a decent return indeed.

The PCC acquisition, which beefs up Chargeurs' Fashion Technologies business, positively impacts its valuation as earnings immediately benefit (see ad hoc section).

The NAV is not impacted as PCC is taken at its purchase price and no allowance is taken for (likely) synergies.

The DCF benefits from an acquisition with a capital-light business model so that the EBITDA to FCF conversion is high and mechanically positively impacts intrinsic valuations.