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
Target
Upside 118%
Price (€) 2.17
Market Cap (€M) 216
Perf. 1W: -1.14%
Perf. 1M: -2.69%
Perf. 3M: -13.9%
Perf Ytd: -36.5%
10 day relative perf. to stoxx600: -2.52%
20 day relative perf. to stoxx600: -7.14%
EPS change17/05/2022

As strong as its locks

Change in EPS2022 : € 0.36 vs 0.33+10.8%
2023 : € 0.37 vs 0.37+1.86%

EPS mechanically benefit from the excellent 2021 execution. Looking into 2022 and 2023, the order book and tight management should help digest fast-rising costs as long as the top line remains in positive territory.



Change in Target Price€ 5.30 vs 5.00+5.99%

The target price benefits from extremely solid 2021 execution that has provided a higher base looking forward. We have injected a degree of caution on the outlook from H2-2022 even though the activity target (€600m sales) within reach.



Change in NAV€ 6.55 vs 5.04+30.1%

The NAV benefits from repeated strong realisations that combine with higher market multiples on similar businesses



Updates

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...

28 Sep 20 Earnings/sales releases
H1 behind with limited scars; H2 partial reversio...

12Next
.