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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 18.6%
Price (€) 12
Target Price (€) 14.2
Market Cap (€M) 298
Perf. 1W: 16.3%
Perf. 1M: 20.1%
Perf. 3M: 18.3%
Perf Ytd: 21.5%
10 day relative perf. to stoxx600: 9.76%
20 day relative perf. to stoxx600: 11.9%
EPS change11/09/2017 16:33
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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).
Updates

11 Sep 17 EPS change
Strong cash flow invested in growth

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

24 Apr 17 Opinion change
Protective Films pulls up valuation strongly again

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

14 Mar 17 EPS change
Excellent 2016 comforts new management's a...

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

31 Jan 17 DCF Change
Preliminary 2016 strong delivery and upgrade t...

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

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