Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CHARGEURS SA. We currently have 12 research reports from 1 professional analysts.
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Very solid Q3 revenues indeed
15 Nov 16
In keeping with previous quarters, Chargeurs published robust sales which were up 7.5% on an organic basis and 6.7% reported. The reported figure is impacted by the Yak disposal in Fashion Technologies and the acquisition of MainTape in the US in the Protective Films business line. Chargeurs’ fast-improving respectability is confirmed as it raised another €15m 7-year bond at 2.45%. There is no mention of the intended deployment of the proceeds. Management is confirming an underlying EBIT target of at least €35m. This is below our own estimates (€36.9m).
14 Sep 16
Chargeurs SA confirmed by dint of its H1 16 earnings release that it is in ship-shape form with net earnings up 64% on EBITDA up 22% and sales down 1.2% (fx and perimeter effect). The balance sheet is strong with a €16m excess cash position and €214m equity as the cash generation has remained very strong so that a €0.2 interim dividend can be paid on 21 September (shares go ex on 19 September). This is a first and will definitively push Chargeurs into shareholder-friendly investment territories.
H1 shows jump in profitability (Chargeurs)
14 Sep 16
H1 shows jump in profitability TARGET CHANGE CHANGE IN TARGET PRICE€ 19.0 vs 16.5 +15.4% All valuation metrics benefit from the very solid H1 16 release which raise the bar for profit potential CHANGE IN EPS2016 : € 1.18 vs 1.14 +3.25% 2017 : € 1.38 vs 1.22 +13.6% The strong H1 earnings confirm that 2016 will be an excellent year so we have raised our expectations by about 4%. There is room for an even higher upgrade in 2017 at +14%. CHANGE IN NAV€ 22.5 vs 18.5 +21.7% The NAV is propped up substantially by the higher levels of profitability of the various businesses, starting with the Protective Films one.
Chargeurs goes for acquired growth, at last
20 Jul 16
Chargeurs makes a smallish but significant acquisition. Main Tape, the business acquired in the US with revenues of c. $27m, is an add-on to Protective Films, the main business line of Chargeurs SA. The consideration is unknown. We tinker with sideline indications to gauge an impact (see last section).
Target upgrade by 11.1% (Chargeurs)
09 May 16
TARGET CHANGE CHANGE IN TARGET PRICE€ 16.5 vs 14.8 +11.3% We have updated our figures with 2015 finals and given a slightly more positive twist to 2016 after strong Q1 revenue figures on a pro forma basis. CHANGE IN EPS2016 : € 1.14 vs 1.09 +5.00% 2017 : € 1.22 vs 1.16 +4.70% Strong Q1 revenues help support the case for a solid outlook in both 2016 and 2017. We record a small increase in bottom lines as a result. CHANGE IN DCF€ 13.6 vs -28.0 ns The DCF based valuation gains from allowing for the strong 2016 net cash situation and the cancellation of a mistake on outyear tax payment in previous modelling.
Very strong 2015 Ebit delivery helps boost forecasts and valuatuon (Chargeurs)
04 Apr 16
Very strong 2015 Ebit delivery helps boost forecasts and valuatuon TARGET CHANGE CHANGE IN TARGET PRICE€ 14.6 vs 13.2 +10.1% The substantial valuation upgrades reflect a stronger than expected showing in 2015, positive views of the 2016 earnings outlook and our less conservative view on an SOTP that is the core to the group valuation CHANGE IN EPS2015 : € 0.67 vs 0.65 +2.10% 2016 : € 1.09 vs 0.88 +23.8% 2016 and 2017 eps are revised sharply upward to reflect a stronger than expected pre tax earnings base in 2015 reflecting positively on the future as well as the distinct possibility that Chargeurs will continue to contain its tax bill significantly through the use of tax loss carry forward. CHANGE IN NAV€ 17.9 vs 13.9 +28.8% The SOTP is supported by the use of market multiples on operating assets vs. a book value before, a stronger net cash position and slight upgrade in the value of tax assets. CHANGE IN DCF€ -28.0 vs 16.1 ns The DCF of Chargeur is mechanically positively impacted by the stronger operational outlook short term (2016 and 2017).Other parameters are unchanged.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
Product quality and management depth
07 Dec 16
Yesterday Focusrite held a capital markets day, designed to showcase the range and quality of products and introduce operational management, which shares a passion for music-making and has deep knowledge of the products. This contributes to excellent product support, software innovation and thus customer loyalty, which should sustain the company’s brand leadership.
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m