Bloomberg : <CRI FP>
Holding Companies  /  France 
Solid operations combine with zero debt
Pension matters

At end-2012, Chargeurs employed 1,811 people, another sharp year of contraction after the 4.5% decline in 2011 (primarily linked to the cost-cutting measures already implemented in Chargeurs Interlining (headcount reductions in Europe and Asia). The 2012 headcount contraction is mainly derived from the deconsolidation of part of the Wool's upstream business.
Only a quarter of the staff sits in France.
Our calculations suggest that, for the next couple of years, pension provisions will remain at c.€12m. This is a simplified and helpful calculation as we have been using discounting terms of European pensions for the group. The US pensions obligations, not detailed in absolute amount, are based on too friendly discounting terms. The pension hole is partly unfunded (€8m) but would not be an issue with a view to the equity base.

Upside: 90.1 %
Price (€) 5.45
Market Cap (€M) 73.5
Changes to Forecasts : 02/09/2013.