Stef SA - Stable Q4 sales excluding out-of-home catering and rebound in international business
Q4 sales up 1% organically, still driven by out-of-home catering salesQ4 out-of-home catering sales stable, after 2 quarters of declineRebound in international business (+4%) but continued decline in France (-2%)Full-year sales up 5% organically and 0.7% excluding out-of-home cateringPrice target raised to €128/share from €121 previouslyBuy opinion maintained, given valuation still below historical levels and improving newsflowSTEF-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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