Chargeurs - Too loaded...
H1 results disappointing and below our expectations The Group posted results close to those of H1 2012, while net debt doubled over the period to almost €195 million. Our hypothesis of buying back the 37% stake in GLAS in order to launch a takeover bid for SMCP seems less convincing in view of Chargeurs' lower stock market valuation and financial structure. Forecasts have been lowered for 2023E, and fiscal 2024E looks particularly uncertain, which leaves us skeptical about our targets (sales of €800m - EBITDA margin of 10%). We are returning to fundamentals and therefore to a negative recommendation onChargeurs 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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