AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Target
Upside 21.4%
Price (€) 11.44
Market Cap (€M) 284
Perf. 1W: -1.21%
Perf. 1M: -5.61%
Perf. 3M: 11.1%
Perf Ytd: -2.05%
10 day relative perf. to stoxx600: 1.31%
20 day relative perf. to stoxx600: -7.04%
DCF Change31/01/2017 09:21

Preliminary 2016 strong delivery and upgrade to DCF

Change in DCF€ 18.4 vs 18.40.00%

Chargeurs' "hidden wealth" is made of a very large inventory of tax loss carry forwards that we account for as a very low tax rate in DCF out-year projections reverting to a normal tax rate. We have lowered the pace at which this reversion occurs as it otherwise meant an implied 2022 50% tax rate instead of 33%.



Change in Target Price€ 20.3 vs 20.30.00%

We have only marginally tweaked 2017 and 2018 EPS expectations on the back of a confirmed excellent 2016. The DCF update is more substantial but is due to tax adjustments (see relevant section).



Updates

10 Sep 17 Other news/comments
Ship-shape form and growth-minded

20 May 17 Other news/comments
Chargeurs opens its heart

25 Apr 17 Earnings/sales releases
Surprisingly strong Q1 growth at Protective Films

14 Mar 17 Earnings/sales releases
Excellent 2016 delivery, confidence reinforced

31 Jan 17 Earnings/sales releases
Strong 2016 sales and operating delivery

15 Nov 16 Earnings/sales releases
Very solid Q3 revenues indeed

.