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 estimate Chargeurs Personal Care's revenues at €28.4m versus €85.3m previously and underlying profit of €7.1m versus €18m previously in FY 22. We have also lowered our estimates for the CMS (Chargers Museum Solutions) division in FY 22 to be in line with the 5% operating margin in H1. We now estimate an underlying operating profit margin for FY 22 of 6.5%, bringing the underlying profit down to €5.1m from the previously estimated €6.8m. However, we believe there will be an improvement in 2023 and 2024 as projects won in 2021 and 2022 should deliver profits in 2023-24.


CHANGE IN DCF
€ 37.2 vs 38.3 -3.08%

Our DCF-based valuation sees a marginal cut from €38.3 to €37.2 after incorporating our adjustments to the FY 22-23 EPS forecast (see EPS comment). We expect revenues to reach c.€905m against €926m previously in FY 24 and an operating underlying profit of €75m.