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Chargeurs has likely passed the cyclical bottom in protective film while its Museum division benefits from excellent visibility. However, for the stock to re-rate, the group needs to reduce leverage. This should come from a recovery at CAM and/or asset disposals. Cyclical bottom in protective films, strong visibility in Museums Chargeurs'' protective films activity seem to have reached a bottom as evidenced by the recent uptick in order intake. On the other hand, the Museum activity benefits
Companies: Chargeurs (CRI:EPA)Chargeurs SA (CRI:PAR)
BNP Paribas Exane - Sponsored Research
Adjustments to our FY 23-24 outlook TARGET CHANGE CHANGE IN EPS 2023 : € 0.18 vs 0.39 -53.5% 2024 : € 0.60 vs 0.74 -19.2% We have downgraded our EPS estimates for 2023 and 2024. The main factor impacting our revenue estimates is Chargeurs Luxury Fibers, whose sales are expected to decrease significantly vs. 2022 due to a negative price effect (strong drop in the conventional wool price (i.e.: micron 17 down by -30% on Q3 and -21% for 9M 23), and a change in product mix (less conventio
AlphaValue
Chargeurs continued to be negatively impacted by a still-difficult environment for its various businesses in the Q3 23, with a 7.6% organic decline in revenues. However, the worst now seems to be over as the recovery in the Advanced Materials division is showing signs of picking up pace, with the monthly volumes in September and October higher than in 2022. Meanwhile, Chargeurs Museum Studio continues to assert itself as a new growth driver. The 2024 targets were reaffirmed.
Adjustments to our FY 23-24 outlook following the H1 results TARGET CHANGE CHANGE IN EPS 2023 : € 0.39 vs 0.80 -51.8% 2024 : € 0.74 vs 1.20 -38.2% We have revised our estimates for 2023 and 2024 downwards following H1 23. We were over-optimistic about top-line growth and now estimate sales of €702m with an underlying operating profit of 5%, compared with 6.1%. The downward revision comes mainly from the Chargeurs Advanced Materials division, where we were too enthusiastic about the pr
Chargeurs reported results well below our expectations and aligned with consensus regarding both the top-line and profitability for H1 23, solely due to the cyclical weakness of the industrial protection film business. On the other hand, the Museum Studio division is firmly establishing itself as a group’s new growth lever within the Luxury division. Also worth noting is the good momentum of the group’s new growth drivers, which now account for nearly 60% of group revenue. The drop in profitabil
Q2 23 sales down c.6% due to Advanced Materials Q2 23 revenues were EUR183m, down 5.7% LFL as a decline at Advanced Materials was partially offset by further strength at Museum Solutions. Advanced Materials was down 19% LFL, reflecting lower volumes in construction and energy intensive end markets. Museum Studio accelerated (+63% LFL) thanks to the ramp-up of projects gained in the past two years. H1 23 EBIT down c.45% due to lower volumes at Advanced Materials H1 23 EBIT came out at EUR14.1m d
Adjustments to our FY 23-24 estimates EPS CHANGE CHANGE IN EPS 2023 : € 0.80 vs 1.24 -35.2% 2024 : € 1.20 vs 1.66 -27.8% We have revised our FY 23-24 assumptions following the Q1-23 release. We now estimate sales for 2023 at €788m versus €831m previously, and the underlying operating profit at 6.1% versus 7.2%. This decline is due to a downward revision in the sales and margins at Chargeurs Advanced Materials, on which we had been overly optimistic after an exceptionally high level in
Despite Chargeurs’ somewhat expected 18% lfl yoy revenue contraction in Q1 ‘23 due to the record 2022 Q1, Chargeurs Advanced Materials showed signs of a volume recovery with 21% qoq volume growth. This business line is responding to the wait-and-see attitude in particular in China by expanding geographically and premiumizing. The Q1-23 confirmed the Group’s new growth drivers, with Chargeurs PCC Fashion Technologies’ business holding at high levels and Chargeurs Museum Studio posting a solid 30.
After a record year in 2021 and despite a tough macro-economic environment, Chargeurs closed FY22 on a high note. Chargeurs’ resilient performance was driven by the impressive performance of the PCC Fashion Technologies division and a fast-growing Luxury segment. While a slowdown has been seen in the CAM business, there is little to worry about in view of the signs of a rebound currently observed. The solid results, combined with the anticipated normalisation, have prompted Chargeurs to reaffirm
Good earnings resilience Q4 22 sales of EUR173m were down 10% of which 17% LFL decline vs. our estimate of EUR183m (down 5% LFL). The downside to estimates was driven by Advanced Materials that continued to see weaker YoY end market trends including destocking in the channels. This was partially offset by strong activity at CFT PCC (+8.2% LFL) and CMS (+36.2% LFL). FY 22 Gross profit increased 5% at EUR195m thanks to sales recovery at CFT PCC while pricing more than offset cost inflation. Adj.
The organisation of Chargeurs’ businesses into two strategic operating divisions in July 2022, far from being merely symbolic reflects a strategic shift, in which the company is striving to be more of a luxury player in addition to its supreme competency in niche industries. Ahead of a yet-to-happen significant acquisition, Chargeurs’ management creates optionality value that we see positively as per the strong track record to date. Chargeurs moves fast with a clear drive to extract value where
Downwards revision following the Q3 release TARGET CHANGE CHANGE IN EPS 2022 : € 0.86 vs 1.05 -17.7% 2023 : € 1.24 vs 1.35 -8.43% We have incorporated the 9m 22 numbers into our estimates. In line with the strong increase in revenues observed over 9 months (+64%) for CMS and the management's outlook of €120m in 2023 for the division, we have revised our revenue estimates upwards to €83m from €78m for 2022 and to €121m from €91m for 2023. Our margin estimates are now €4.2m and €9.6m fo
Chargeurs demonstrated its resilience in a difficult macro-economic environment with stable organic revenue growth over nine months. The group’s resilience in the deteriorating climate is underpinned by: i) its pricing power, ii) its favourable geographic mix with a strong exposure to the Americas and Asia, buffering the coming recession in Europe, and iii) the development of new growth drivers.
Sales tracking lower Q3 22 sales came in at EUR175m, down -5% LFL. We were expecting sales of EUR185m, up 3% LFL. Against a challenging comparison base, Q3 22 trends saw a sharp decline at advanced materials (formerly Protective Films) and no contribution from Personal care (formerly Healthcare Solutions). Furter slowdown at Advanced Materials, acceleration at CMS Advanced materials (-16.1% LFL) saw continued deterioration in volumes due to a downturn of its main end markets (construction, furn
Adjustments to our FY 22-23 outlook following the H1 results EPS CHANGE CHANGE IN EPS 2022 : € 1.05 vs 1.32 -20.4% 2023 : € 1.35 vs 1.48 -9.08% Following the publication of the H1 22 results, we have adjusted our FY 22-23 EPS estimates downward. The FY 22 EPS forecast now sees a decline due to lower than expected revenues and margin contribution from Chargeurs Personal Care (formerly Chargeurs Healthcare Solutions), because of the improved sanitary situation. Based on this, we estimat
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Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global
Companies: Topps Tiles Plc
Zeus Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Companies: Tortilla Mexican Grill Ltd.
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Pinewood Technologies Group PLC
Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping the financial results of the current year, the relative success of German teams against those of other nations in European competitions this season may ensure the club qualifies for the Champions League next season despite currently being outside the top four of the Bundesliga.
Companies: Borussia Dortmund GmbH & Co. KGaA
Edison
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Hybridan
HeiQ has announced the acquisition of a site in Portugal where the company intends to build a HeiQ AeoniQ production facility with a 3,000 tonne per year capacity. To support the acquisition, the company intends to raise c£2.44m via an equity placing, supported by the issue of a c£1.7m (€1.97m) convertible loan note (largely to management) that will convert upon completion of the raise. We see this as an important step in the development programme for HeiQ AeoniQ. Additionally, HeiQ has provided
Companies: HeiQ PLC
Cavendish
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
Companies: Domino's Pizza Group plc
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs
Companies: Vertu Motors PLC
Progressive Equity Research
Bright Pier Group’s (BPG) H1 results reflect the highly challenging operating environment, with revenue -9% YoY to £16.2m and Adj EBITDA of £1.4m (H1/22A £3.0m). This decline was driven by weaker consumer demand (falling disposable incomes and low consumer confidence), train strikes and poor weather. Trading in H2 has remained relatively subdued, and as such, we lower our FY23E Adj EBITDA forecasts to £4.2m (from £5.5m). Whilst disappointing, we note that the group remains cash generative and co
Companies: Brighton Pier Group Plc
An ongoing correction in used car prices has driven lower gross profit per unit for Vertu in recent months and this is expected to continue in the near term. There has been particular weakness in premium vehicle values. Additionally, higher stocking charges on increased new vehicle supply, has led to lower overall profitability. As a result, we have reduced forecast FY24 adjusted PBT by £8.0m (17%) to £39.3m and FY25 by £3.2m (6.2%) to £48.6m. This downgrade to expectations is indicative of mark
Companies: CML FDEV NRR SSPG RMV AO/ ZIN
Shore Capital
Companies: Marks and Spencer Group plc
Companies: AO World Plc (AO:LON)Marks Electrical Group Plc (MRK:LON)
Canaccord Genuity
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