Excellent 2016 comforts new management's ambitions (Chargeurs)
Excellent 2016 comforts new management's ambitionsEPS CHANGE
CHANGE IN TARGET PRICE€ 21.3 vs 20.9 +2.15%
The target price benefits from the strong dividend policy. EPS revisions are modest for the time being. More of an upside will depend on views on the NAV once the full balance sheet is released.
CHANGE IN EPS2016 : € 1.10 vs 1.22 -9.81%
2017 : € 1.45 vs 1.40 +3.09%
EPS adjustments are minor including for 2016 with a bottom line that books retructuring cost layers that were not accounted for in our forecasts. We marginally upgrade 2017 and 2018.
CHANGE IN NAV€ 21.7 vs 22.6 -3.98%
The NAV erosion is only due to a lower net cash position. The assets are very cautiously valued. We will probably upgrade these metrics when the full details are available.
CHANGE IN DCF€ 18.1 vs 18.4 -1.38%
The marginally lower DCF is a reflection of the lower net cash balance. As a reminder, Chargeurs's DCF is hugely dependent on the view that one holds about the ability of the firm to ultimately recover part of its tax loss carry forwards thanks to a strong profitability.
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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