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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 change10/10/2022

H1 margins under pressure - operations remain brisk

Change in EPS2022 : € 0.30 vs 0.36-16.9%
2023 : € 0.37 vs 0.37-0.27%

Despite sustained sales growth, mostly driven by price increases, H1 margins came under pressure from rising costs We have trimmed our expectations for 2022 a bit although the management is confident that a fair chunk of the missing gross margins will be recovered by H2. Our 2023 forecasts do not allow for a European downturn on the back of worsening money conditions.



Change in DCF€ 4.40 vs 4.79-8.11%

Our DCF resets a bit lower as a result of working capital needs, the purchase of Wo&Wo (debt financed) and slightly lower operating margins.



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...

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