AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   CRI FP
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Strong 2025 ambitions, luxury flavour
Upside 83.6%
Price (€) 14.97
Market Cap (€M) 373
Perf. 1W: 0.27%
Perf. 1M: 6.17%
Perf. 3M: 12.1%
Perf Ytd: 6.32%
10 day relative perf. to stoxx600: -0.91%
20 day relative perf. to stoxx600: 10.8%
EPS change11/09/2017

Strong cash flow invested in growth

Change in EPS2017 : € 1.37 vs 1.54-10.8%
2018 : € 1.53 vs 1.59-3.57%

We trim our 2017 EPS to allow for more spending on growth in businesses such as Fashion Technologies. The over-financing to prepare for acquisitions also has an immediate opportunity cost.

Change in Target Price€ 25.3 vs 25.2+0.41%

In spite of a strong delivery over H1, mostly on the Protective Film side, we leave our target price essentially unchanged as Chargeurs invests in faster growth at today's expense.

Change in DCF€ 28.7 vs 23.9+19.8%

The DCF metrics do not matter so much when valuing Chargeurs as we (still) look at it primarily as a holding company. But, longer term, more ambitious growth mechanically has a positive impact (excluding acquisitions).


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