Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CHARGEURS SA. We currently have 14 research reports from 1 professional analysts.
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Preliminary 2016 strong delivery and upgrade to DCF (Chargeurs)
31 Jan 17
Preliminary 2016 strong delivery and upgrade to DCF DCF CHANGE CHANGE IN TARGET PRICE€ 20.3 vs 20.3 0.00% We have only marginally tweaked 2017 and 2018 EPS expectations on the back of a confirmed excellent 2016. The DCF update is more substantial but is due to tax adjustments (see relevant section). CHANGE IN DCF€ 18.4 vs 18.4 0.00% Chargeurs' "hidden wealth" is made of a very large inventory of tax loss carry forwards that we account for as a very low tax rate in DCF out-year projections reverting to a normal tax rate. We have lowered the pace at which this reversion occurs as it otherwise meant an implied 2022 50% tax rate instead of 33%.
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).
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
A compelling global brand roll-out story
22 Feb 17
We believe that SuperGroup remains one of the most undervalued global brand roll-out stories within the UK retail sector. The stock trades at c20% discount to its UK peers on a 1YF EV/EBITDA basis despite best-in-class revenue growth and profit margins. SuperGroup operates a leading multi-channel proposition, has strong sales momentum across each channel and forecast risk remains on the upside. We initiate coverage on the shares with a buy recommendation and price target of 1898p, implying upside of 27.8% over the prevailing market price.
Root & branch review – early margin positive
23 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it will publish the findings of a root and branch review in April 2017. This is stated as being a result of the recent approach made to them by KraftHeinz (KHC US, N/RO), an offer which quickly lapsed.
High single digit EPS growth remains on track
17 Feb 17
BAT (BATS LN, HOLD, T/P 5300p) announce their preliminary 2016 results on Thursday 23rd February. We forecast revenue to increase 13% to £14.8bn, in line with Bloomberg consensus, and adjusted diluted EPS to continue its positive momentum to 249p (232p FY2015). Analyst consensus is 246p.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management