Chargeurs - Q3 sales well below expectations, 2024 targets look far too optimistic
The Group recorded its sixth consecutive quarter of organic decline, and Q3 sales were almost 15% below our expectations.Further downward revision of our forecasts for 2023E and 2024EIn the current context, the 2024 targets (sales of €800m and EBITDA of 9-10%) seem particularly ambitiousReduce opinion maintained with a TP of €8.5 (vs €9) in view of the many doubts surrounding 2024Chargeurs 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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