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Research Tree offers CHARGEURS SA research coverage from 1 professional analysts, and we have 11 reports on our platform.
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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.
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UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Safe as houses
17 Oct 16
Telford Homes is in as strong a position as it has ever been in the 15 years since flotation. The company has a strong balance sheet, with an expanded equity base and significant headroom on its banking facilities, a large development pipeline and impressive forward sales position, and good levels of demand for its product and geography from a diverse group of buyers.
“Encouraging”Q1: Positive transformation momentum continues
24 Oct 16
“Encouraging” AGM/Q1 (July-Sept 2016) FY17 trading update should reassure further as it builds on the strong momentum of the recent FY16 results. Management’s self-help initiatives appear increasingly sure-footed. Reflecting the balance of this encouraging Q1 outcome and the highly uncertain backdrop (e.g. raw material prices/input cost inflation, currency movements, and other macro pressures), we think it prudent to keep our FY17 forecasts unchanged for now, not least as there are another 3 financial quarters to navigate. That said, so far so good. We therefore retain our BUY.
Short term blip provides an attractive entry point
04 Aug 16
Portmeirion Group has reported their interim results this morning which are inline with our revised estimates. The company has had a mixed first half year but should be well positioned to rectify underlying issues in South Korea and India and hit our full-year numbers. The recent profit warning should be viewed as a blip and should not overshadow the company’s fantastic track record.
N+1 Singer - Swallowfield - GQ Grooming Award
25 Oct 16
Swallowfield has announced a prestigious award win for The Real Shaving Company's Sensitive Shave Gel. The Shave Gel won the Best New Shaving Gel at the GQ Grooming Awards. The aerosol product has been introduced since Swallowfield acquired The Real Shaving Company brand in May 2015. It is a good example of Swallowfield's ability to innovate and enhance its brands using its formulation expertise and technologies.