AlphaValue Corporate Services
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Bloomberg   CRI FP
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From an industrialist to a luxury player
Upside 34.5%
Price (€) 10.4
Market Cap (€M) 259
Perf. 1W: -10.3%
Perf. 1M: -20.5%
Perf. 3M: -12.9%
Perf Ytd: -11.0%
10 day relative perf. to stoxx600: -18.5%
20 day relative perf. to stoxx600: -19.9%
EPS change29/06/2018

Sizeable PPC acquisition brings immediate leverage

Change in EPS2018 : € 1.33 vs 1.28+4.13%
2019 : € 1.65 vs 1.43+15.1%

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.

Change in Target Price€ 30.2 vs 28.7+5.21%

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

Change in NAV€ 30.7 vs 30.1+1.78%

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

Change in DCF€ 36.5 vs 28.0+30.4%

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.


16 Nov 18 Earnings/sales releases
On time delivery, cont’d

07 Sep 18 Earnings/sales releases
Robust earnings delivery in more choppy (FX) ...

29 Jun 18 M&A /Corp. Action
One stone, many great birds

09 Mar 18 Other news/comments
Strong operations confirm regime change

26 Jan 18 Earnings/sales releases
Robust Q4 sales match guidance.

16 Nov 17 Earnings/sales releases
Discipline pays off