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SFPI Group

Bloomberg   SFPI FP
Misc. Bldg & Construct Prod  /  France  Web Site   |   Investors Relation
Hands-on conglomerate with a locks forte
Upside 141%
Price (€) 1.56
Market Cap (€M) 155
Perf. 1W: 1.57%
Perf. 1M: -7.38%
Perf. 3M: -15.9%
Perf Ytd: -28.2%
10 day relative perf. to stoxx600: -2.28%
20 day relative perf. to stoxx600: -11.5%
Target Change07/10/2019

P&L disappoints but focus should be on cash flow

Change in Target Price€ 3.22 vs 3.57-9.76%

Change in EPS2019 : € 0.17 vs 0.21-22.0%
2020 : € 0.21 vs 0.23-9.99%

Following the somewhat disappointing H1 on the P&L side, we have decreased our EPS for FY19 (c.-20%) and FY20 (c.-10%). Note, however, that cash generation was satisfactory, so that it had a limited impact on our valuation (c.-10%).

Change in NAV€ 3.46 vs 4.06-14.7%

We have lowered the reference multiple, which has impacted rather significantly our NAV. Overall, EBIT is forecast to be c.15% below our previous forecast for FY20, which means that the decrease in our reference multiple explains all the decrease in our NAV.

Change in DCF€ 3.51 vs 4.24-17.3%

We have decreased our long-term FCF conversion assumption from more than 40% to some 35%, on the back of a lower EBITDA than previously expected and stable capex. As the terminal value accounts for about 60% of the overall DCF, this had a significant impact on our DCF.


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...

20 May 20 Earnings/sales releases
As fit as possible

07 Oct 19 Earnings/sales releases
H1 19: P&L disappoints but cash flow generatio...

24 Apr 19 Earnings/sales releases
SFPI disappoints in 2018 but prepares its future