AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

SFPI Group

CR
Bloomberg   SFPI FP
Misc. Bldg & Construct Prod  /  France  Web Site   |   Investors Relation
Safety solutions and safe operations at its heart
Pros
  • SFPI combines exposure to capital goods and construction. Its growth hinges on the continuing need for security, energy savings, IoT, renovation and increasing regulation
  • No capital increase despite the successive crises and a policy to at least maintain the dividend (only briefly dropped in COVID times) are two differentiating elements in the small cap universe
  • Excellent track record in terms of acquisitions (more than 80 implemented): SFPI Group operates in niche, fragmented markets with bolt-on acquisitions to restart when prices adjust lower
Cons
  • SFPI is a by-word for industrial caution. This has kept the lid on debt-financed growth, but proved a formidable plus in COVID times
  • SFPI is France-centred (c.60% of sales), but the company is willing to accelerate in Europe as well as globally but on a longer horizon.
  • Management efforts to aggregate environmental data at group level are likely to deliver only from 2022 leading to the current weak sustainability ratings
Updates
17/05/22 TargetThe target price benefits from extremely s...
17/05/22 EPSEPS mechanically benefit from the excell...
17/05/22 NAVThe NAV benefits from repeated strong r...
27/04/22 EarningsGreat 2021, solid start to 2022, €600m re...
24/09/21 Other newsIn excellent shape
24/09/21 EPSWith sales back to 2019 levels and opera...
24/09/21 DCFThe DCF benefits from a stronger than ex...
04/06/21 EarningsSound business shows its mettle in Covid...
04/06/21 TargetThe sharp increase in the target price is l...
04/06/21 EPSThe 2021 and 2022 jump in earnings exp...
04/06/21 NAVParadoxically the NAV increase stems le...
04/06/21 DCFThe DCF too is helped by the stronger ne...
28/09/20 EarningsH1 behind with limited scars; H2 partial re...
26/09/20 EPSThe H1 20 delivery was a good surprise ...
26/09/20 DCFThe DCF mechanically benefits from a re...
27/05/20 TargetOur target price is mechanically cut by all...
27/05/20 EPS2020 earnings reflect the fact that a near...
27/05/20 DCFOur DCF is impacted by postponed growt...
20/05/20 EarningsAs fit as possible
07/10/19 EarningsH1 19: P&L disappoints but cash flow ge...
07/10/19 EPSFollowing the somewhat disappointing H...
07/10/19 NAVWe have lowered the reference multiple, ...
07/10/19 DCFWe have decreased our long-term FCF c...
07/05/19 EPSAs a result of the negative surprise in FY...
07/05/19 NAVWe have lowered the reference multiples...
07/05/19 DCFThe lower expected EBIT than previously...
24/04/19 EarningsSFPI disappoints in 2018 but prepares its...
03/03/19 TargetFollowing the publication of FY18 sales, ...
05/12/18 Dedicated to safety for people, goods an...
Target
Upside 90.5%
Price (€) 2.78
Market Cap (€M) 276
Perf. 1W: -1.25%
Perf. 1M: 1.65%
Perf. 3M: -4.48%
Perf Ytd: -21.2%
10 day relative perf. to stoxx600: -6.58%
20 day relative perf. to stoxx600: 4.44%