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Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 54.5%
Price (€) 8.95
Target Price (€) 13.8
Market Cap (€M) 224
Perf. 1W: 4.92%
Perf. 1M: 10.6%
Perf. 3M: -3.66%
Perf Ytd: -34.0%
10 day relative perf. to stoxx600: -1.20%
20 day relative perf. to stoxx600: 9.70%
EPS change11/09/2017
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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).
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