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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Target
Upside 33.1%
Price (€) 10.52
Market Cap (€M) 262
Perf. 1W: -11.6%
Perf. 1M: -20.7%
Perf. 3M: -12.0%
Perf Ytd: -9.93%
10 day relative perf. to stoxx600: -18.2%
20 day relative perf. to stoxx600: -18.2%
EPS change02/09/2015

Strong H1 and more offensive stance

Change in EPS2015 : € 0.65 vs 0.66-1.39%
2016 : € 0.88 vs 0.78+12.3%

Underlying EPS are upgraded by about 9% for both 2015 and 2016. In 2015, this is partly hidden through tax changes and goodwill impairment adjustments. The bottom-line impact is rather more visible in 2016.



Change in Target Price€ 13.2 vs 12.8+3.33%

A strong H1, pulled up by Protective Film operations and their large US exposure, does underline the solid organic fundamentals that back a 9% EBIT upgrade. Chargeurs isolated a new growth-driven fourth business, Technical Substrates, from the Interlining business. This is behind the renewed confidence from management to change the so far staid image of Chargeurs.



Change in NAV€ 13.9 vs 13.7+1.58%

The SOTP is allowing for a tentative valuation of the new Technical Substrates business, which contracts the value of the Interlining business from which it was spun off. The net impact is a small gain.



Change in DCF€ 16.3 vs 14.7+11.0%

The DCF is mechanically positively impacted by the stronger operational outlook short term (2015, 2016 and 2017). Other parameters are unchanged.



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...

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

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