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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%
Target Change04/06/2021

Right assets to meet construction led demand

Change in Target Price€ 4.73 vs 3.83+23.5%

The sharp increase in the target price is largely a reflexion of the excellent showing of SFPI in a really difficult 2020. This has confirmed its resilience. The group's positioning is the right one at this juncture (construction and capital goods, both seeing solid demand) but SFPI's proverbial caution means that it looks forward to 2021 with modest ambitions



Change in EPS2021 : € 0.25 vs 0.17+49.1%
2022 : € 0.27 vs 0.23+15.5%

The 2021 and 2022 jump in earnings expectations is mostly owed to the show of strength that SFPI deployed in H2-2020. The rebound may be slowed by higher input prices from mid 2021 but SFPI's industrial resilience helps reset forecasts substantially higher



Change in NAV€ 5.03 vs 3.41+47.8%

Paradoxically the NAV increase stems less from the repricing of underlying assets than from the superb net cash position booked in 2020 (partly through cuts in WCR). The ability to generate FCF is now confirmed in our 2021 forecasts although there may not be any immediate spending on acquired growth.



Change in DCF€ 4.23 vs 2.70+56.8%

The DCF too is helped by the stronger net cash position and the rollover to a strong 2023



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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