Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CHARGEURS SA. We currently have 16 research reports from 1 professional analysts.
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Excellent 2016 comforts new management's ambitions (Chargeurs)
14 Mar 17
Excellent 2016 comforts new management's ambitions EPS CHANGE CHANGE IN TARGET PRICE€ 21.3 vs 20.9 +2.15% The target price benefits from the strong dividend policy. EPS revisions are modest for the time being. More of an upside will depend on views on the NAV once the full balance sheet is released. CHANGE IN EPS2016 : € 1.10 vs 1.22 -9.81% 2017 : € 1.45 vs 1.40 +3.09% EPS adjustments are minor including for 2016 with a bottom line that books retructuring cost layers that were not accounted for in our forecasts. We marginally upgrade 2017 and 2018. CHANGE IN NAV€ 21.7 vs 22.6 -3.98% The NAV erosion is only due to a lower net cash position. The assets are very cautiously valued. We will probably upgrade these metrics when the full details are available. CHANGE IN DCF€ 18.1 vs 18.4 -1.38% The marginally lower DCF is a reflection of the lower net cash balance. As a reminder, Chargeurs's DCF is hugely dependent on the view that one holds about the ability of the firm to ultimately recover part of its tax loss carry forwards thanks to a strong profitability.
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.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
Mature market growth still negative, despite beat in Q1
20 Apr 17
Unilever (ULVR LN, HOLD, T/P 3800p) released their Q1 trading statement this morning – Q1 underlying sales grew 2.9%. Turnover increased 6.1% to €13.3bn, in front of Bloomberg consensus of €13.2bn. Despite trading market conditions being described as tough, Unilever grew pricing by 3.0%, but saw volume declining 0.1%.
Northland Capital Morning Report
02 Dec 15
Divergence looks set to dominate the final month of 2015 and set the tone for 2016. The European Central Bank is widely expected to extend its QE economic stimulus programme and could reduce its overnight deposit rate further in an attempt to boost inflation, and more stimulus could come from Japan and China. Meanwhile the Federal Reserve is now expected to lift rates from historic lows. Higher US rates will impact not only the cost of capital in the US but also emerging markets where growth remains much weaker and leverage high. The move by the ECB is unlikely to have a major impact, however, as it is an extension rather than a new tool and the headlines continue to be dominated by politics rather than financial markets (Isis, the refugee/migrant crisis, tensions between Russia and Turkey etc). The respective moves are likely to further weaken the euro in 2016. The UK sits somewhere in the middle. November’s Autumn Statement saw the Chancellor drop his tax credit reduction plans and benefit from a surprise £27bn improvement in the Office for Budget Responsibility’s five year public finances forecast, based on higher tax revenue and lower debt interest. The general shift away from austerity, the protection of tax credits and increased minimum wage should ensure further economic growth.