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SFPI Group

CR 		Bloomberg   SFPI FP
Misc. Bldg & Construct Prod  /  France  Web Site   |   Investors Relation
Hands-on conglomerate with a locks forte
Target
Upside 124%
Price (€) 1.80
Target Price (€) 4.03
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%
Target Change27/05/2020
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Robust funding, promises in locks & safety
Change in Target Price€ 2.60 vs 3.17-17.8%

Our target price is mechanically cut by allowing for a c. 23% drop in 2020 revenues and a best guess at zero profits. The small industrial conglomerate entered the COVID-19 crisis with a very strong balance sheet and a cool-headed owner and CEO. It should rebound as quickly as its underlying markets, notably the promising security/safety ones.



Change in EPS2020 : € 0.00 vs 0.21-98.5%
2021 : € 0.16 vs 0.25-35.1%

2020 earnings reflect the fact that a near 25% drop in revenue cannot help absorb fixed costs. We see only a partial recovery in 2021.
Change in DCF€ 2.66 vs 3.86-31.2%

Our DCF is impacted by postponed growth and slower long-term expectations. The long-term growth expectations do not allow for a widening of EBITDA margins in rather competitive industries.
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