Report
Pierre-Yves Gauthier

Upgrade to FY 2020 after robust H1 navigation (SFPI Group)

Upgrade to FY 2020 after robust H1 navigation

EPS CHANGE

CHANGE IN EPS2020 : € 0.08 vs 0.00 +2,379%
2021 : € 0.17 vs 0.16 +1.83%
The H1 20 delivery was a good surprise with a contained loss at €4.4m on sales down 21%, also a positive surprise for an industrial group mostly located in France where the lockdown has been a pretty harsh one. We allowed for a modest degree of recovery in H2 with FY sales down 13%. While operating margins are being slashed (higher costs, missing volumes here, saturated tools there) turning a profit may not be out of reach. This explains the 2020 earnings rebound from zero to some €7.5m adjusted from goodwill impairments.

CHANGE IN DCF€ 2.96 vs 2.65 +11.6%
The DCF mechanically benefits from a reset of the 2020 expectations to positive earnings territories. The 2021 and 2022 have been only marginally raised as they already allowed for a recovery.
Underlying
Groupe SFPI SA

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.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Analysts
Pierre-Yves Gauthier

Other Reports on these Companies
Other Reports from AlphaValue Corporate Services

ResearchPool Subscriptions

Get the most out of your insights

Get in touch