DB:GET

Stock Analysis Report

Executive Summary

Chargeurs SA operates as a manufacturing and services company in France and internationally.

Rewards

PE ratio (22.1x) is below the Luxury industry average (25.7x)

Earnings are forecast to grow 16.93% per year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Large one-off items impacting financial results

Profit margins (3.2%) are lower than last year (4.9%)



Snowflake Analysis

Average dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

How has Chargeurs's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GET has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.6%

GET

0.4%

DE Luxury

0.5%

DE Market


1 Year Return

-6.3%

GET

46.4%

DE Luxury

15.5%

DE Market

Return vs Industry: GET underperformed the German Luxury industry which returned 51.5% over the past year.

Return vs Market: GET underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

GETIndustryMarket
7 Day-2.6%0.4%0.5%
30 Day9.0%8.9%1.4%
90 Day13.3%15.7%5.3%
1 Year-3.0%-6.3%48.7%46.4%19.2%15.5%
3 Yearn/a107.0%96.4%15.7%5.5%
5 Yearn/a277.4%233.2%27.3%10.1%

Price Volatility Vs. Market

How volatile is Chargeurs's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Chargeurs undervalued compared to its fair value and its price relative to the market?

21.23x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: GET (€18.3) is trading above our estimate of fair value (€17.26)

Significantly Below Fair Value: GET is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: GET is good value based on its PE Ratio (22.1x) compared to the Luxury industry average (25.7x).

PE vs Market: GET is poor value based on its PE Ratio (22.1x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: GET is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: GET is good value based on its PB Ratio (1.8x) compared to the DE Luxury industry average (1.8x).


Next Steps

Future Growth

How is Chargeurs forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

17.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GET's forecast earnings growth (16.9% per year) is above the savings rate (-0.4%).

Earnings vs Market: GET's earnings (16.9% per year) are forecast to grow faster than the German market (13.2% per year).

High Growth Earnings: GET's earnings are forecast to grow, but not significantly.

Revenue vs Market: GET's revenue (4.5% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: GET's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GET's Return on Equity is forecast to be low in 3 years time (12.2%).


Next Steps

Past Performance

How has Chargeurs performed over the past 5 years?

15.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GET has a large one-off loss of €9.5M impacting its June 30 2019 financial results.

Growing Profit Margin: GET's current net profit margins (3.2%) are lower than last year (4.9%).


Past Earnings Growth Analysis

Earnings Trend: GET's earnings have grown by 15.6% per year over the past 5 years.

Accelerating Growth: GET's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GET had negative earnings growth (-26.3%) over the past year, making it difficult to compare to the Luxury industry average (-0.9%).


Return on Equity

High ROE: GET's Return on Equity (8.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Chargeurs's financial position?


Financial Position Analysis

Short Term Liabilities: GET's short term assets (€340.3M) exceed its short term liabilities (€190.2M).

Long Term Liabilities: GET's short term assets (€340.3M) exceed its long term liabilities (€236.9M).


Debt to Equity History and Analysis

Debt Level: GET's debt to equity ratio (91.1%) is considered high.

Reducing Debt: GET's debt to equity ratio has increased from 49.5% to 91.1% over the past 5 years.

Debt Coverage: GET's debt is not well covered by operating cash flow (4.5%).

Interest Coverage: GET's interest payments on its debt are well covered by EBIT (4.6x coverage).


Balance Sheet

Inventory Level: GET has a high level of physical assets or inventory.

Debt Coverage by Assets: GET's debt is covered by short term assets (assets are 1.6x debt).


Next Steps

Dividend

What is Chargeurs's current dividend yield, its reliability and sustainability?

3.73%

Current Dividend Yield


Dividend Yield vs Market

company3.7%marketbottom25%1.4%markettop25%3.5%industryaverage1.2%forecastin3Years4.3%

Current dividend yield vs market & industry

Notable Dividend: GET's dividend (3.58%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: GET's dividend (3.58%) is in the top 25% of dividend payers in the German market (3.53%)


Stability and Growth of Payments

Stable Dividend: GET has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: GET's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.4%), GET's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GET's dividends in 3 years are forecast to be covered by earnings (61% payout ratio).


Next Steps

Management

What is the CEO of Chargeurs's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Michaël Fribourg (37yo)

4.3yrs

Tenure

€1,264,120

Compensation

Mr. Michaël Fribourg has been the Chairman and Chief Executive Officer of Chargeurs SA since October 30, 2015. Mr. Fribourg serves as Partner at Arjil & Associés Banque (formerly ARJIL & Partners). He is m ...


CEO Compensation Analysis

Compensation vs Market: Michaël's total compensation ($USD1.41M) is above average for companies of similar size in the German market ($USD817.80K).

Compensation vs Earnings: Michaël's compensation has been consistent with company performance over the past year.


Management Age and Tenure

2.8yrs

Average Tenure

38yo

Average Age

Experienced Management: GET's management team is considered experienced (2.8 years average tenure).


Board Age and Tenure

3.7yrs

Average Tenure

56yo

Average Age

Experienced Board: GET's board of directors are considered experienced (3.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Philippe Haroche

    Vice President and General Counsel

    • Laurent Derolez

      Managing Director of Chargeurs’ Protective Films

      • Olivier Buquen (54yo)

        Group Chief Financial Officer

        • Tenure: 2.6yrs
      • Federico Paullier

        Managing Director of Chargeurs Luxury Materials

        • Tenure: 2.6yrs
      • Michaël Fribourg (37yo)

        Chairman of the Board & CEO

        • Tenure: 4.3yrs
        • Compensation: €1.26m
      • Cédric Ratouis (38yo)

        Deputy Chief Financial Officer

        • Tenure: 2.8yrs
      • Pauline Bayec

        Head of Financial Communications

        • Tenure: 5.6yrs
      • Joëlle Fabre-Hoffmeister (56yo)

        Group Secretary General & Chief Compliance Officer

        • Audrey Petit (33yo)

          Group Strategy Director & Head of Chargeurs Business Solutions

          • Tenure: 2.9yrs
        • Sampiero Lanfranchi

          MD of Chargeurs Technical Substrates & Advisor to the CEO

          • Tenure: 2.6yrs

        Board Members

        • Georges Ralli (71yo)

          Non-Voting Director

          • Tenure: 3.7yrs
          • Compensation: €51.43k
        • Isabelle Guichot (54yo)

          Independent Director

          • Tenure: 3.7yrs
          • Compensation: €42.86k
        • Cécilia Ragueneau (46yo)

          Independent Director

          • Tenure: 2.8yrs
          • Compensation: €68.57k
        • Michaël Fribourg (37yo)

          Chairman of the Board & CEO

          • Tenure: 4.3yrs
          • Compensation: €1.26m
        • Emmanuel Coquoin (58yo)

          Director

          • Tenure: 4.3yrs
          • Compensation: €68.57k
        • Nicolas Urbain (59yo)

          Director

          • Tenure: 4.3yrs
          • Compensation: €68.57k
        • Maria Varciu

          Independent Director

          • Tenure: 0.8yrs

        Company Information

        Chargeurs SA's company bio, employee growth, exchange listings and data sources


        Key Information

        • Name: Chargeurs SA
        • Ticker: GET
        • Exchange: DB
        • Founded: 1872
        • Industry: Textiles
        • Sector: Consumer Durables
        • Market Cap: €413.083m
        • Shares outstanding: 23.00m
        • Website: https://www.chargeurs.fr

        Number of Employees


        Location

        • Chargeurs SA
        • 112, avenue Kléber
        • Paris
        • Ile-de-France
        • 75016
        • France

        Listings

        TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
        CRIENXTPA (Euronext Paris)YesCommon SharesFREURJun 1996
        0E1YLSE (London Stock Exchange)YesCommon SharesGBEURJun 1996
        CRIPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJun 1996
        GETDB (Deutsche Boerse AG)YesCommon SharesDEEURJun 1996

        Biography

        Chargeurs SA operates as a manufacturing and services company in France and internationally. The company operates through four segments: Protective Films, Fashion Technologies, Technical Substrates, and Luxury Materials. The Protective Films segment develops, manufactures, and markets technical solutions to protect steel, aluminum, plastic, and other surfaces in the production process; and laminators for temporary surface protection films. The Fashion Technologies segment manufactures and markets garment interlinings. The Technical Substrates segment develops, manufactures, and markets functionalized coated technical substrates. The Luxury Materials segment manufactures and markets wool tops. It serves in Europe, the Americas, Asia, Oceania, and Africa. The company was formerly known as Chargetex 1 and changed its name to Chargeurs SA in 1997. Chargeurs SA was founded in 1872 and is headquartered in Paris, France. 


        Company Analysis and Financial Data Status

        All financial data provided by Standard & Poor's Capital IQ.
        DataLast Updated (UTC time)
        Company Analysis2020/01/22 22:22
        End of Day Share Price2020/01/22 00:00
        Earnings2019/06/30
        Annual Earnings2018/12/31


        Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.