Groupe SFPI

Groupe SFPI SA. Groupe SFPI SA is a group of manufacturing companies based in France. Each company of the Group designs, produces and distributes equipment for the construction and manufacturing industries. The Group divides its business activities into two main segments: Construction and Manufacturing. The Construction segment focuses on the supply of equipment, convenience, security and energy efficiency to a number of access points, which includes joinery, shutters, industrial closures, locks, sophisticated access security systems, monitoring systems and alarms, among others. The Manufacturing segment focuses on heat exchanges, sterilizers, air conditioning units, pneumatic transport and dust extraction systems.
  • TickerSFPI
  • ISINFR0004155000
  • ExchangeEuronext Paris
  • SectorMedia
  • CountryFrance
Pierre-Yves Gauthier

As fit as possible

As fit as possible EARNINGS/SALES RELEASES 2020 worries will obviously wipe out all the 2019 solid achievements. Even more so since the owner-manager went for substantial book cleaning. SFPI comes out as an ever-more robust no-nonsense proposition in safety-locks and a scarce one, able to face its own COVID-19 disruptions. FACT SFPI released its summary accounts on 23 April, now complemented by exhaustive earnings. The summary view shows sales at €562.5m, below expectations (€565m) with limited growth (+2.3%) driven by acquisitions. The recurring part of the operating income is, conversel...

H1 19: P&L disappoints but cash flow generation is intact

H1 19: P&L disappoints but cash flow generation is intact EARNINGS/SALES RELEASES P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19, namely revenue of €570m is expected, with 2% organic growth and a 1.5% scope effect. Overall, we expect to lowere our target price by some 15%, but, of course, we remain convinced by the business model and the strategy of the company, so we maintain our Buy recommendation. FACT Key information Revenue increased by 4%, thanks...

P&L disappoints but focus should be on cash flow (SFPI Group)

P&L disappoints but focus should be on cash flow TARGET CHANGE 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 ...

Florian Béchaz

Groupe SFPI - Assemblée Générale des actionnaires du 07 juin 2019

"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...

Target cut by -13.9% (SFPI Group)

TARGET CHANGE CHANGE IN EPS2019 : € 0.21 vs 0.23 -6.28% 2020 : € 0.23 vs 0.26 -9.82% As a result of the negative surprise in FY18, we have reduced our EPS forecasts for FY19 onwards since we now take a more cautious view on the recovery: +25bp increase in the EBIT margin per year vs previously a +50bp increase in the EBIT margin per year. Automatically, this has a stronger impact on FY20 (-50bp impact on EBIT margin) than on FY19 (25bp impact on the EBIT margin). This change alone explains most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

A director sold 949,625 shares at 2.800EUR and

A director at Group Sfpi sold 949,625 shares at 2.800EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Pierre-Yves Gauthier

As fit as possible

As fit as possible EARNINGS/SALES RELEASES 2020 worries will obviously wipe out all the 2019 solid achievements. Even more so since the owner-manager went for substantial book cleaning. SFPI comes out as an ever-more robust no-nonsense proposition in safety-locks and a scarce one, able to face its own COVID-19 disruptions. FACT SFPI released its summary accounts on 23 April, now complemented by exhaustive earnings. The summary view shows sales at €562.5m, below expectations (€565m) with limited growth (+2.3%) driven by acquisitions. The recurring part of the operating income is, conversel...

H1 19: P&L disappoints but cash flow generation is intact

H1 19: P&L disappoints but cash flow generation is intact EARNINGS/SALES RELEASES P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19, namely revenue of €570m is expected, with 2% organic growth and a 1.5% scope effect. Overall, we expect to lowere our target price by some 15%, but, of course, we remain convinced by the business model and the strategy of the company, so we maintain our Buy recommendation. FACT Key information Revenue increased by 4%, thanks...

P&L disappoints but focus should be on cash flow (SFPI Group)

P&L disappoints but focus should be on cash flow TARGET CHANGE 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 ...

Target cut by -13.9% (SFPI Group)

TARGET CHANGE CHANGE IN EPS2019 : € 0.21 vs 0.23 -6.28% 2020 : € 0.23 vs 0.26 -9.82% As a result of the negative surprise in FY18, we have reduced our EPS forecasts for FY19 onwards since we now take a more cautious view on the recovery: +25bp increase in the EBIT margin per year vs previously a +50bp increase in the EBIT margin per year. Automatically, this has a stronger impact on FY20 (-50bp impact on EBIT margin) than on FY19 (25bp impact on the EBIT margin). This change alone explains most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

Target cut by -1.0% (SFPI Group)

TARGET CHANGE CHANGE IN TARGET PRICE€ 4.00 vs 4.04 -0.98% Following the publication of FY18 sales, we have updated our model. Overall, sales were 1% below our expectations, which has a slight negative impact on our valuation, as we believe our margins expectation deserve to remain unchanged. The Buildings division was perfectly in line with our expectations (€186m for DOM Security and €190m for MAC). Hence, the discrepancy stems mainly from the Industrial division (€51m for MMD vs. €54m expected; €121m for NEU-JKF vs. €124m expected). Overall, we continue to believe that SFPI is undervalued a...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Florian Béchaz

Groupe SFPI - Assemblée Générale des actionnaires du 07 juin 2019

"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...

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