Capex acceleration to foster quality growth (Chargeurs)
Capex acceleration to foster quality growthEPS CHANGE
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 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 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
Chargeurs SA is a France-based company, which provides customizable specialty material solutions. The Company and its subsidiaries operate in four sectors: Protective Films, Fashion Technologies, Museum Solutions and Luxury Materials. Protective Films designs, produces and markets technical solutions to protect the quality of steel, aluminum, plastic or other surfaces during the transformation process, as well as film application machines. Fashion Technologies produces and markets linings for clothing. Museum Solutions includes the industrial divisions Senfa, specialized in the functionalization of technical textiles, and Chargeurs Creative Collection, specialized in the provision of services to cultural institutions. Luxury Materials manufactures and markets combed wool ribbons. The Company is active globally.
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