Stef: Boosted by its half-yearly accounts and the announcement of a strategic acquisition, Stef dominates the SRD

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Stef dominates the SRD after the publication of its half-yearly accounts

(BFM Stock Exchange) – The title of the French specialist in cold logistics takes more than 10% Friday morning on the Paris Bourse, supported by solid half-year results and the announcement of the acquisition of Dyad that will allow him to do its entry into the industrial packaging market.

The French group Stef (formerly STEF-TFE), a specialist in cold logistics, recorded a 20.1% rise in net profit, to 39.9 million euros in the first half. Between January and June, the operating profit of the "French Society of transport and cold stores" for its part increased by 40.4% to 67.4 million euros. As for the group's turnover, it grew by 7% over the first six months of the year to 1.67 billion euros.

CEO Stef Stanislas Lemor welcomed what he calls "a very good first half of 2019". The manager considers that this "confirms the solidity of the group's business model and the commitment of its teams to the satisfaction of its customers". "All activities, in France and internationally, have contributed to this dynamic of organic growth" says Stanislas Lemor, quoted in the statement, adding that "the group can now invest in new activities, what it comes to materialize with the acquisition of a company specializing in the business of packaging ".

In detail, transport in France benefited from the good performance of the food industry "in the fresh segment as well as in the frozen segment with a historical filling rate". Abroad, Stef notes the "good direction" of his business in Italy and Portugal. As for the maritime activity – with the company La Méridionale (formerly Compagnie méridionale de navigation or CMN) -, it remains in the green, but has suffered from a decline in traffic, because of two strike movements, the last having ended last June.

Strategic acquisition

In addition to its half-yearly results, Stef also announced the acquisition of Dyad, a company specializing in industrial packaging that employs some 120 people and has "the most modern machines on the market" according to the management, which does not communicate the amount of the operation. This acquisition will enable Stef "to strengthen its current transport and logistics offering with a new co-manufacturing and co-packing activity, which has become strategic for its customers". "With the complete control of these three businesses, STEF is strengthening its capacity to offer high quality integrated services in all its market segments," the group said in a statement. The latter indicates that Stef will be able to make his "entry into the packaging market from September 2019".
Regarding his outlook for the last six months of 2019, Stef says he is "well positioned to meet the challenges of the second half of the year", with a focus on real estate investment in its warehouses, digital and innovation, "to provide solutions that meet the new needs of its customers".

The title flames

In response to these news, the action takes off Stef from 10.52% to 85.10 euros shortly before 13:00 Friday. The title returns to the level at which it evolved at the beginning of May, before experiencing a stock market gap and to drop nearly 20% of its value in one month. The Stef action also benefits from an increase in the recommendation from Oddo BHF, passed from "neutral" to "purchase" the day after the publication of the biannual group, with a price target unchanged at 94 euros, which always implies a growth potential of more than 10% for the title of the logistician of the cold.

Quentin Soubranne – © 2019 BFM Bourse


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