Event in Progress:
Discover the latest content that has just been published on Research Tree
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Chargeurs SA. We currently have 95 research reports from 4 professional analysts.
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
Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg
Companies: ZOO Digital Group plc
Loungers is an award winning, uniquely positioned all day café-bar group that has grown revenues an impressive 22.5% CAGR FY16-FY23. Comprising of Lounges, Cosy Club and Brightside, the 257-site group still has huge scope to grow towards its conservative ambition of over 650 sites. Loungers is profitable with improving margins and we forecast will generate over £100m free cashflow (pre-expansion capex) FY24E-FY26E. This, we estimate, will fully fund c.100 new site openings over the next three y
Companies: Loungers Plc
Equity Development
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: Next plc (NXT:LON)Judges Scientific plc (JDG:LON)
Shore Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Companies: UTL ASC DNLM BWNG MONY DFS BOO
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
Zeus Capital
This morning’s trading statement from ZOO confirms that production companies are taking longer than expected to complete projects. This follows the resumption of new production after the industry-wide strikes ended in November 2023. The anticipated January ramp-up has yet to fully materialise, with entertainment projects expected to complete in January now moving into February and beyond. However, ZOO has been notified by its largest customer of a pipeline of orders that provides good visibility
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Flutter reported softer than expected Q3 23 trading numbers, as unfavourable sports results weighed on the cross-market performance. The firm lost share in the US even as competition intensified in a seasonally light sports quarter, sending the stock sharply lower. However, we expect a strong recovery in the US in Q4 even as Australia is now expected to remain a pain point into FY24. We will trim our estimates by low to mid-single digits to factor in the soft showing.
Companies: Flutter Entertainment Plc
Companies: Rank Group Plc
Companies: CTG NXT JTC
During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main
Companies: ME Group International plc
Cavendish
Share: