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From an industrialist to a luxury player?
Upside 115%
Price (€) 7.96
Market Cap (€M) 200
Perf. 1W: 0.25%
Perf. 1M: -25.0%
Perf. 3M: -27.6%
Perf Ytd: -41.3%
10 day relative perf. to stoxx600: -11.4%
20 day relative perf. to stoxx600: -27.6%
DCF Change31/01/2017

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).


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

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

14 Sep 16 Earnings/sales releases
Very convincing first half indeed

14 Sep 16 Target Change
H1 shows jump in profitability

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