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

Bloomberg   SFPI FP
Misc. Bldg & Construct Prod  /  France  Web Site   |   Investors Relation
Hands-on conglomerate with a locks forte
Upside 124%
Price (€) 1.80
Market Cap (€M) 179
Perf. 1W: -1.53%
Perf. 1M: -1.21%
Perf. 3M: -12.1%
Perf Ytd: -16.8%
10 day relative perf. to stoxx600: -1.01%
20 day relative perf. to stoxx600: -0.55%
EPS change30/05/2023

Allowing for the 2022 actual figures and MAC restructuring efforts

Change in EPS2023 : € 0.30 vs 0.37-19.2%
2024 : € 0.33 vs 0.38-13.5%

We have trimmed our 2023 forecasts somewhat to allow for continuing restructuring efforts at the MAC business unit that are due to last into 2024. Incremental gains look a tad more difficult in 2023 after the good cost control in 2022. The Capital Goods units (NEU JFK and MMB) are having another strong year in 2023 while the demand for closures at MAC may be slowing.

Change in NAV€ 6.17 vs 6.55-5.80%

While the value of the main legs of SFPI is essentially flat on cautious industry multiples, the drop in the net cash position (following useful acquisitions) is taking its toll.

Change in DCF€ 3.78 vs 4.34-12.9%

Allowing for the restructuring of MAC impacts FCF generation during the near-term years (costs + extra capex), thereby lowering the group's FCF and the base for the out-year projections.


26 Apr 23 Earnings/sales releases
Disappointing 2022 heralds a more tightly mana...

10 Oct 22 Earnings/sales releases
H1 sees contracting margins

17 May 22 EPS change
As strong as its locks

27 Apr 22 Earnings/sales releases
Great 2021, solid start to 2022, €600m revenue...

24 Sep 21 Other news/comments
In excellent shape

24 Sep 21 EPS change
Very strong H1 21 execution indeed

04 Jun 21 Earnings/sales releases
Sound business shows its mettle in Covid and p...