(Boursier.com) — In the article dated 9/15, please note in the second paragraph that it is ID Midcap and not TP ICAP Midcap which degraded the value.
Corrected version :
Chargers remains under pressure, down 6% in Paris, still discussed after the publication of sharply degraded results in the first half. Over the period, the company recorded an operating income from activities of 14.1 ME compared to 25.4 ME a year earlier for revenues down 11.5% to 352.8 ME. The dynamics of the new growth drivers and the Luxury division partly offset the temporary contraction of Chargeurs Advanced Materials, whose sales fell by 23.1% in the first half. Net profit, Group share, was positive at €3.3 million, down 67.6%.
In terms of prospects, after having reached the low point over this half-year, the momentum should gradually improve over the coming months, notably thanks to the start of the rebound on CAM observed in the order books excluding outlets in new construction obviously, ‘especially since the basis of comparison will this time be much easier. The group has indicated that it is targeting for 2024 a turnover of more than €800 million, an Ebitda margin of between 9% and 10% and a debt/Ebitda multiple of less than 3x…
Among the latest analyst opinions, ID Midcap downgraded the value to ‘reduce’ and reduced its price target from 13 to 9 euros.
Disturbed context
In a highly disrupted context, the difficulties of CAM mask the good performance of the group’s four other businesses (CFT and Luxury division: S1 turnover +3% like for like, MOPA 6.1% +0.9pt), indicated in its on the Portzamparc side, while AlphaValue reduced its target from 24.1 to 17.5 euros while remaining a buyer.
Following this publication and taking into account fairly limited visibility over the second half, Oddo BHF had already lowered its 2023 scenario, which involves a turnover of 735 ME (vs 769 ME), with a more marked drop in Advanced Materials division (-10%), a ROC of 34 ME (vs 44 ME), or an OCI of 4.6% (-150 bp). The end of the year will remain complicated for the group, but the base effects will become more favorable again and the rebound in activity should be confirmed in 2024… The planned acquisition in Luxury will potentially be a real catalyst in the medium term but no indication is provided at this stage. The broker nevertheless remained ‘outperformed’ on the file with a target lowered from 19 to 14 euros.