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Group Sfpi: 2 directors
Two Directors at Group Sfpi bought 9,246,828 shares at 2.500EUR. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Pierre-Yves Gauthier
Tighter family control and goodwill impairment
Tighter family control and goodwill impairment SHAREHOLDING STRUCTURE As of 20-12-2023, SFPI issued a press release announcing plans to increase the family’s control and disappointment about a recent acquisition FACT By February 2024, ARC Management, Crédit Mutuel Equity and BNP Paribas Développement are preparing to acquire from Spring respectively 6.65%, 2.66% et 2.03% of SFPI. Arc Management which is controlled by Mr Morel, the founder, will end up with 57.52% of SFPI and 67% of the votin...
- Pierre-Yves Gauthier
Misfiring recent acquisition (SFPI Group)
Misfiring recent acquisition EPS CHANGE CHANGE IN EPS 2023 : € 0.18 vs 0.21 -14.5% 2024 : € 0.27 vs 0.31 -12.8% The cuts allow for a year-end warning on the prospective sales of Wo&Wo, a 2022 acquisition with a now-disappointing outlook. The corresponding goodwill impairment (€19m) has no impact on the adjusted earnings. CHANGE IN DCF € 3.01 vs 3.34 -10.1% The lower sales now expected from Wo&Wo impact the forward-looking FCF generation and thus the DCF from 2023
- Pierre-Yves Gauthier
A difficult H1-2023
A difficult H1-2023 EARNINGS/SALES RELEASES The building-related activities (DOM & MAC) could not escape a sudden softening in the market even though they enjoy the nominal steadiness of renovation markets. The industry-related activities shone but accounted for less than 30% of revenues. The management is worried about H2 and slashed its sales guidance to €680m which now looks like a floor. We have cut our 2023 earning forecast by c.30%. FACT Strong organic sales (up 7.5%) were accompanied...
- Pierre-Yves Gauthier
Difficult H1-2023 and more cautious about H2 (SFPI Group)
Difficult H1-2023 and more cautious about H2 EPS CHANGE CHANGE IN TARGET PRICE € 3.86 vs 3.99 -3.28% The H1-2023 could not hide a slowdown in volume from Building-related (renovation mostly) businesses. Price hikes are now a thing of the past while input prices remain elevated. Volumes are down. Conversely the two 'industrial' units catering to BtoB business are doing well to very well. Now allowing for lesser ambitions for 2023, our TP is down marginally leaving considerable upside potential...
- Pierre-Yves Gauthier
Allowing for the 2022 actual figures and MAC restructuring efforts (SF...
Allowing for the 2022 actual figures and MAC restructuring efforts EPS CHANGE CHANGE IN EPS 2023 : € 0.30 vs 0.37 -19.2% 2024 : € 0.33 vs 0.38 -13.5% We have trimmed our 2023 forecasts somewhat to allow for continuing restructuring efforts at the MAC business unit that are due to last into 2024. Incremental gains look a tad more difficult in 2023 after the good cost control in 2022. The Capital Goods units (NEU JFK and MMB) are having another strong year in 2023 while the demand for closures...
- Pierre-Yves Gauthier
Disappointing 2022 heralds a more tightly managed ship
Disappointing 2022 heralds a more tightly managed ship EARNINGS/SALES RELEASES SFPI’s FY2022 disappointed. While it firmly stuck to its top-line objectives, margins were squeezed by fast(er) rising costs and a €4m mighty provisioning for a refoundation of its MAC division (windows, awnings, etc.). Accelerated capex is to follow. Earnings dropped by c. a third to €22m. We were banking on €26.8m. While management confirms its entrepreneurial skills (more capex, a stream of useful acquisitions, p...
- Pierre-Yves Gauthier
H1 sees contracting margins
H1 sees contracting margins EARNINGS/SALES RELEASES SFPI sales gains in H1 (+8%) were marred by declining gross margins and rising inventories, typical of post-Covid input cost pressures. This is transitory. The allowance for the Wo&Wo acquisition from Q4-2022 is a positive for forward-looking earnings. A potential recession is not allowed for in our forecasts. FACT SFPI published H1 net earnings down 31% on sales up 8% (see table) which was a slight disappointment. Its balance sheet is n...
- Pierre-Yves Gauthier
Great 2021, solid start to 2022, €600m revenue target
Great 2021, solid start to 2022, €600m revenue target EARNINGS/SALES RELEASES SFPI delivered a surprisingly strong FY2021 net at €32m (+83%) through a combination of strong demand and a lean cost base. A solid order book and a very strong balance sheet bring confidence into 2022 with a €600m sales target FACT SFPI delivered very convincing FY 2021 results after an already brilliant set of numbers in H2 2020 that had saved that fiscal year. The key financials speak for themselves (see table) ...
GROUPE SFPI sees an upgrade to Positive due to a better fundamental st...
The general evaluation of GROUPE SFPI (FR), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date March 11, 2022, the closing price was EUR 3.02 and it...
- Pierre-Yves Gauthier
In excellent shape
In excellent shape SIGNIFICANT NEWS SFPI released impressive H1 earnings. H2 looks promising too. Ideal operating conditions may not survive into 2022. FACT SFPI had kept market expectations low for 2021. This cautious policy could not survive the excellent delivery in H1 21: sales back to H1 19’s level at €283m and recurring operating margin up 470bp to 7.7%. The bottom line jumped to €15.7m vs. €4.4m in 2019 (loss of €4.7m in 2020) while the net cash position of the group at €62m stood cl...
- Pierre-Yves Gauthier
Sound business shows its mettle in Covid and post Covid times
Sound business shows its mettle in Covid and post Covid times EARNINGS/SALES RELEASES SFPI has navigated the Covid shock particularly well through tight management and a very healthy balance sheet that turned out to be even stronger by Dec 2020. 2021 looks very promising as splashing out on building continues and capex demand accelerates. We have upgraded our target price on this very sound industrial mini conglomerate. FACT While the bulk of the 2020 delivery unsurprisingly happened over H...
- Pierre-Yves Gauthier
Upgrade to FY 2020 after robust H1 navigation (SFPI Group)
Upgrade to FY 2020 after robust H1 navigation EPS CHANGE CHANGE IN EPS2020 : € 0.08 vs 0.00 +2,379% 2021 : € 0.17 vs 0.16 +1.83% The H1 20 delivery was a good surprise with a contained loss at €4.4m on sales down 21%, also a positive surprise for an industrial group mostly located in France where the lockdown has been a pretty harsh one. We allowed for a modest degree of recovery in H2 with FY sales down 13%. While operating margins are being slashed (higher costs, missing volumes here, satura...
- Pierre-Yves Gauthier
Robust funding, promises in locks & safety (SFPI Group)
Robust funding, promises in locks & safety TARGET CHANGE CHANGE IN TARGET PRICE€ 2.60 vs 3.17 -17.8% Our target price is mechanically cut by allowing for a c. 23% drop in 2020 revenues and a best guess at zero profits. The small industrial conglomerate entered the COVID-19 crisis with a very strong balance sheet and a cool-headed owner and CEO. It should rebound as quickly as its underlying markets, notably the promising security/safety ones. CHANGE IN EPS2020 : € 0.00 vs 0.21 -98.5% 202...
- Pierre-Yves Gauthier
As fit as possible
As fit as possible EARNINGS/SALES RELEASES 2020 worries will obviously wipe out all the 2019 solid achievements. Even more so since the owner-manager went for substantial book cleaning. SFPI comes out as an ever-more robust no-nonsense proposition in safety-locks and a scarce one, able to face its own COVID-19 disruptions. FACT SFPI released its summary accounts on 23 April, now complemented by exhaustive earnings. The summary view shows sales at €562.5m, below expectations (€565m) with ...
- Felix Brunotte
H1 19: P&L disappoints but cash flow generation is intact
H1 19: P&L disappoints but cash flow generation is intact EARNINGS/SALES RELEASES P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19, namely revenue of €570m is expected, with 2% organic growth and a 1.5% scope effect. Overall, we expect to lowere our target price by some 15%, but, of course, we remain convinced by the business model and the strategy of the c...
- Felix Brunotte
P&L disappoints but focus should be on cash flow (SFPI Group)
P&L disappoints but focus should be on cash flow TARGET CHANGE CHANGE IN EPS2019 : € 0.17 vs 0.21 -22.0% 2020 : € 0.21 vs 0.23 -9.99% Following the somewhat disappointing H1 on the P&L side, we have decreased our EPS for FY19 (c.-20%) and FY20 (c.-10%). Note, however, that cash generation was satisfactory, so that it had a limited impact on our valuation (c.-10%). CHANGE IN NAV€ 3.46 vs 4.06 -14.7% We have lowered the reference multiple, which has impacted rather significantly our NAV. ...
- Florian Béchaz
Groupe SFPI - Assemblée Générale des actionnaires du 07 juin 2019
"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunératio...
- Felix Brunotte
Target cut by -13.9% (SFPI Group)
TARGET CHANGE CHANGE IN EPS2019 : € 0.21 vs 0.23 -6.28% 2020 : € 0.23 vs 0.26 -9.82% As a result of the negative surprise in FY18, we have reduced our EPS forecasts for FY19 onwards since we now take a more cautious view on the recovery: +25bp increase in the EBIT margin per year vs previously a +50bp increase in the EBIT margin per year. Automatically, this has a stronger impact on FY20 (-50bp impact on EBIT margin) than on FY19 (25bp impact on the EBIT margin). This change alone explains ...
- Felix Brunotte
Target cut by -1.0% (SFPI Group)
TARGET CHANGE CHANGE IN TARGET PRICE€ 4.00 vs 4.04 -0.98% Following the publication of FY18 sales, we have updated our model. Overall, sales were 1% below our expectations, which has a slight negative impact on our valuation, as we believe our margins expectation deserve to remain unchanged. The Buildings division was perfectly in line with our expectations (€186m for DOM Security and €190m for MAC). Hence, the discrepancy stems mainly from the Industrial division (€51m for MMD vs. €5...
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