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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 114%
Price (€) 8.03
Market Cap (€M) 201
Perf. 1W: -8.44%
Perf. 1M: -24.4%
Perf. 3M: -28.7%
Perf Ytd: -40.8%
10 day relative perf. to stoxx600: -13.3%
20 day relative perf. to stoxx600: -23.4%
Earnings/sales releases12/05/2014

Fact

Chargeurs has released Q1 sales up 1.9% pro-forma although down 1.8% after allowing for forex and price negatives


Analysis

The Protective Film division is on a fast track with sales up 6.5% at €50m. The business is clearly supported by volume demand.
The news could have been better at the Interlining division down 4% to €40.9m on forex weakness in Argentina mostly.
Last, the now less important Wool business has been suffering from price and volume contraction, thereby shaving about 12% from last year’s figure.


Impact

We have slightly lowered our revenue expectation for Wool to allow for the poor start. This has no significant impact on the group’s expected earnings.
Management confirmed its aim to reach €20m at the EBIT level by 2015. We are more optimistic and see this sort of earnings as soon as 2014.
Separately, the group confirms that it has recovered not only its financial strength but also its financial freedom as the last commitments to banks have been unravelled over Q1. Job done.


Updates

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

21 Jan 14 Earnings/sales releases
More of the same

25 Nov 13 Other news/comments
Steady going over Q3

01 Sep 13 Earnings/sales releases
Corner turned?

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