SergeFerrari Group - Low valuation, but no good news to be expected in the short term
Gross Margin under pressure and volumes decliningBusiness and results to be disrupted for several more half-yearsDespite last July's profit warning, we fear a disappointing landing for 2023 results and have lowered our forecastsIn the longer term, the Group has growth drivers in new markets, the potential of which remains difficult to assessWe remain at ADD in view of the already low valuation, but the momentum is clearly not goodSergeferrari 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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