Strong divisional contributions partly absorbed by financing costs (Chargeurs)
Strong divisional contributions partly absorbed by financing costsEPS CHANGE
CHANGE IN TARGET PRICE€ 29.2 vs 26.9 +8.62%
Earnings adjustments essentially below the EBIT line matter less than the upgrades to the NAV after yet another strong year.
CHANGE IN EPS2018 : € 1.28 vs 1.44 -10.6%
2019 : € 1.45 vs 1.57 -7.49%
EPS adjustments are essentially the by-product of 2017 final numbers highlighting rising central costs and a higher than expected interest bill (excess resources). This new base as well as an allowance for 2018 negative USD impacts explain the bulk of the downgrades which are thus not related to operations.
CHANGE IN NAV€ 30.1 vs 27.5 +9.81%
The NAV allows for the upgrade of the Protective Films business after yet another very strong performance and solid growth perspectives. The value of the tax assets has been reappraised as the improved earnings outlook makes them more certain.
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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