Financials Stef

Equities

STF

FR0000064271

Ground Freight & Logistics

Real-time Euronext Paris Other stock markets 16:35:00 30/04/2024 BST			5-day change	1st Jan Change
127.2 ^EUR	-3.20%		-2.60%	+11.38%

04-25	Stef: quarterly sales up by almost 6	CF
03-08	Stef: 31% increase in net income by 2023	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	991.7	900	1,262	1,122	1,419	1,581	-	-
Enterprise Value (EV) ¹	1,816	1,805	2,207	2,195	2,464	2,539	2,460	2,368
P/E ratio	9.93 x	12.4 x	11.6 x	7.82 x	7.53 x	8.86 x	8.23 x	8.02 x
Yield	3.3%	5.49%	2.94%	4.42%	-	3.65%	3.94%	4.31%
Capitalization / Revenue	0.29 x	0.29 x	0.36 x	0.26 x	0.32 x	0.33 x	0.32 x	0.31 x
EV / Revenue	0.53 x	0.57 x	0.63 x	0.51 x	0.55 x	0.53 x	0.5 x	0.46 x
EV / EBITDA	5.6 x	5.95 x	6.16 x	5.29 x	5.77 x	5.14 x	4.73 x	4.29 x
EV / FCF	16.4 x	69.7 x	10.6 x	42.8 x	22 x	18.4 x	14.1 x	12.1 x
FCF Yield	6.1%	1.44%	9.46%	2.33%	4.54%	5.43%	7.08%	8.28%
Price to Book	1.31 x	1.1 x	1.38 x	1.08 x	-	1.23 x	1.11 x	1 x
Nbr of stocks (in thousands)	12,334	12,363	12,377	12,387	12,424	12,431	-	-
Reference price ²	80.40	72.80	102.0	90.60	114.2	127.2	127.2	127.2
Announcement Date	12/03/20	11/03/21	10/03/22	09/03/23	07/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,441	3,145	3,507	4,264	4,442	4,754	4,905	5,106
EBITDA ¹	324.1	303.3	358.1	414.8	426.8	493.7	520.3	551.6
EBIT ¹	162.9	116.9	153.9	203.5	253	270.4	284.4	290.3
Operating Margin	4.73%	3.72%	4.39%	4.77%	5.7%	5.69%	5.8%	5.69%
Earnings before Tax (EBT)	-	109.4	-	-	-	-	-	-
Net income ¹	100.3	72.8	110	146.4	191.6	181.4	194.7	201.6
Net margin	2.91%	2.31%	3.14%	3.43%	4.31%	3.82%	3.97%	3.95%
EPS ²	8.100	5.860	8.780	11.58	15.16	14.36	15.46	15.86
Free Cash Flow ¹	110.7	25.9	208.8	51.24	112	137.9	174.1	196.2
FCF margin	3.22%	0.82%	5.95%	1.2%	2.52%	2.9%	3.55%	3.84%
FCF Conversion (EBITDA)	34.15%	8.54%	58.31%	12.35%	26.24%	27.93%	33.46%	35.57%
FCF Conversion (Net income)	110.36%	35.58%	189.82%	35%	58.46%	76%	89.42%	97.32%
Dividend per Share ²	2.650	4.000	3.000	4.000	-	4.643	5.017	5.485
Announcement Date	12/03/20	11/03/21	10/03/22	09/03/23	07/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q3	2023 S1	2024 Q1
Net sales ¹	1,491	-	1,114	2,179	1,150
EBITDA	-	-	-	-	-
EBIT	27.94	-	-	113.2	-
Operating Margin	1.87%	-	-	5.19%	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	45.26	-	79.11	-
Net margin	-	-	-	3.63%	-
EPS	-	3.610	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	03/09/20	02/09/21	20/10/22	08/09/23	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	824	905	945	1,073	1,046	958	879	787
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.544 x	2.983 x	2.638 x	2.586 x	2.45 x	1.941 x	1.69 x	1.427 x
Free Cash Flow ¹	111	25.9	209	51.2	112	138	174	196
ROE (net income / shareholders' equity)	13.8%	9.23%	12.7%	15%	-	14.1%	13.7%	13%
ROA (Net income/ Total Assets)	-	-	-	4.63%	-	4.7%	4.9%	-
Assets ¹	-	-	-	3,164	-	3,860	3,973	-
Book Value Per Share ²	61.40	66.00	73.70	83.80	-	103.0	114.0	127.0
Cash Flow per Share ²	21.40	17.80	29.40	20.80	-	33.40	35.00	35.60
Capex ¹	141	196	159	212	322	255	251	255
Capex / Sales	4.11%	6.22%	4.55%	4.98%	7.25%	5.36%	5.11%	5%
Announcement Date	12/03/20	11/03/21	10/03/22	09/03/23	07/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Stef

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

127.2 EUR

Average target price

149.5 EUR

Spread / Average Target

+17.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Freight Trucking

	1st Jan change	Capi.
STEF	+11.38%	1.69B
OLD DOMINION FREIGHT LINE, INC.	-10.34%	39.54B
TFI INTERNATIONAL INC.	-0.53%	11.03B
SAIA, INC.	-9.45%	10.52B
LANDSTAR SYSTEM, INC.	-9.94%	6.24B
RXO, INC.	-18.70%	2.22B
WERNER ENTERPRISES, INC.	-19.28%	2.17B
MARTEN TRANSPORT, LTD.	-19.35%	1.38B
NIKKON HOLDINGS CO.,LTD.	-1.62%	1.24B
UNIVERSAL LOGISTICS HOLDINGS, INC.	+59.46%	1.18B

Freight Trucking