Stef SA - Q3 sales excluding foodservice down 3% L/L, but valuation remains very attractive
Q3 sales up 2.0% as reported and stable L/LBut as feared, sales excluding foodservice fell -3.3% L/L (-1.3% reported)Down -4.4% in France, while international sales remain resilient (-0.8% L/L)Forecasts revised downwards for 2023Price target revised downwards to €121/share from €128 previouslyBuy opinion maintained in view of still very attractive valuationSTEF-TFE is a provider of transport and logistic services for food products requiring specific temperature control within Europe. Co. divides its operation into four segments: Transport in France (transportation of fresh and frozen products, transportation of seafood and organization of international transport activities); Logistics in France or STEF Logistique (logistics for fresh and frozen products for industrial players, mass retail and the food-service industry); STEF International (international activities in Spain, Portugal, Italy, Benelux, Switerland and U.K.); and Maritime activities (maritime services, passengers and freight, and maritime brokerage).
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