AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player
Target
Upside 36.3%
Price (€) 10.36
Market Cap (€M) 258
Perf. 1W: 1.77%
Perf. 1M: -12.9%
Perf. 3M: -7.83%
Perf Ytd: -11.3%
10 day relative perf. to stoxx600: 8.45%
20 day relative perf. to stoxx600: -13.2%
EPS change24/01/2013 12:12

Stronger balance sheet, shame about the 2012 earnings

Change in EPS2012 : € -0.46 vs -0.03ns
2013 : € 0.41 vs 0.29+41.3%

2012 EPS allows for the €16m loss with restructurings regarded as one-offs. The outlook is cautious in terms of recovery from the 2012 trough operating margins but benefits from the lower financing charges as the net debt position has been dramatically cut.



Change in Target Price€ 8.61 vs 8.54+0.86%

The target price is hardly impacted by the steep (€16m) losses as this has no impact on the NAV, the primary valuation method, which is built on conservative valuations anyway.



Change in DCF€ 8.81 vs 8.95-1.52%

The DCF built on EBITDAs recovering as soon as 2013 and lower net debt following the 2012 efforts. So that it is hardly impacted by the 2012 loss.



Updates

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?

24 Jan 13 Earnings/sales releases
€16m 2012 loss; regaining room for manoeuvre

26 Nov 12 Earnings/sales releases
Resistance of prices, drop in volumes

03 Oct 12 Earnings/sales releases
Worsening context weighs on profitability

.