Groupe SFPI

Groupe SFPI SA is a group of manufacturing companies based in France. Each company of the Group designs, produces and distributes equipment for the construction and manufacturing industries. The Group divides its business activities into two main segments: Construction and Manufacturing. The Construction segment focuses on the supply of equipment, convenience, security and energy efficiency to a number of access points, which includes joinery, shutters, industrial closures, locks, sophisticated access security systems, monitoring systems and alarms, among others. The Manufacturing segment focuses on heat exchanges, sterilizers, air conditioning units, pneumatic transport and dust extraction systems.
  • TickerSFPI
  • ISINFR0004155000
  • ExchangeEuronext Paris
  • SectorMedia
  • CountryFrance

Analysts

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 rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...

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 most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

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. €54m expected; €121m for NEU-JKF vs. €124m expected). Overall, we continue to believe that SFPI is undervalued a...

Dedicated to safety for people, goods and the environment

Dedicated to safety for people, goods and the environment INITIATION COV. The core of SFPI Group’s business model is to target niche markets among the rather moderately-growing building and industrial sectors. SFPI Group has a c.€230m market cap. We initiate coverage of SFPI Group with a Buy recommendation and a c.70% upside. Following the success of the merger-absorption of DOM Security, we believe that the company now has greater firepower and could rapidly announce new bolt-on acquisitions. Business model and market cap The core of the business model is to target niche markets among the ...

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 most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

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. €54m expected; €121m for NEU-JKF vs. €124m expected). Overall, we continue to believe that SFPI is undervalued a...

Dedicated to safety for people, goods and the environment

Dedicated to safety for people, goods and the environment INITIATION COV. The core of SFPI Group’s business model is to target niche markets among the rather moderately-growing building and industrial sectors. SFPI Group has a c.€230m market cap. We initiate coverage of SFPI Group with a Buy recommendation and a c.70% upside. Following the success of the merger-absorption of DOM Security, we believe that the company now has greater firepower and could rapidly announce new bolt-on acquisitions. Business model and market cap The core of the business model is to target niche markets among the ...

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 rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...

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