Stef SA - Volumes are stabilizing and valuation is still very low
Q1 2024 sales excluding out-of-home catering up 1% organicallyTransport volumes fell in January and February but stabilized in MarchVolumes continued to decline in Northern Europe in Q1, while growing in Southern EuropeFull-year 2023 recurring EBIT margin up 80bps thanks to normalization of profitability in Italy following price increases and lower electricity costsNet income from continuing operations down 2% due to higher borrowing costsSales and recurring EBIT margin forecasts for 2024 and 2025 revised upwardsPrice target raised to €165/share (from €128 previously)Market capitalization below the Group's asset value“BUY” opinion confirmed in view of low valuation and potential volume rebound in H2STEF-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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