SergeFerrari Group - 2024 is about to be compliacated, again - debt still an issue
As we had anticipated, the Group missed its sales forecast, with difficulties in Q4 that will continue into H1 2024 at least.The EBIT Margin forecast is confirmed, which we thought would be high, but in the end, with €2m of restructuring costs, our final scenario remains unchanged overall.Valuation had benefited from the rebound of small caps at the end of 2023, but newsflow remains poorly oriented over the next few months, and the stock has finally corrected to what we consider a more reasonable level.We are still steering clear of the stock: it is a cyclical stock with too muchSergeferrari Group SAS is a France-based company, which produces flexible composite materials. It designs and produces such products as performance building materials (tensile architecture, bioclimatic facade, solar protection and acoustic solutions), advanced materials (modular structures, agro-energy and environmental protection) and design & outdoor materials (yachting protection, contract and outdoor furniture, awnings and canopies, visual communication and ecolodge). Beyond products, Sergeferrari Group SAS is also committed to providing support to its customers, skilled technical resources supporting customers, application advice aiming at specified sales and suitable technical documents, by providing training to customers. It operates through Giofex.
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