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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

Chargeurs

CR 		Bloomberg   CRI FP
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From an industrialist to a luxury player?
Target
Upside 61.7%
Price (€) 8.58
Target Price (€) 13.9
Market Cap (€M) 215
Perf. 1W: -4.77%
Perf. 1M: 17.2%
Perf. 3M: -23.3%
Perf Ytd: -36.8%
10 day relative perf. to stoxx600: -4.01%
20 day relative perf. to stoxx600: 6.91%
EPS change20/11/2017
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Capex acceleration to foster quality growth
Change in EPS2017 : € 1.25 vs 1.37-8.76%
2018 : € 1.44 vs 1.53-6.15%

We adjust 2017 for higher financing-related costs and possibly marginally higher opex increases than those already booked, thereby preparing the way for long-term quality growth. 2018 and 2019 marginal changes reflect higher capex and no immediate extra sales.
Change in Target Price€ 25.8 vs 25.2+2.23%

On the back of robust Q3 sales and expanded capex plans spanning 2017-2019, we fine tune our figures for 2017 to 2019 including higher financing costs reflecting preemptive excess funding.
Change in DCF€ 26.2 vs 28.6-8.40%

The DCF drop reflects higher near term capex & net debt while it is a bit early to allow for stronger growth (from 2020 on). This is a conservative adjustment
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