X VOUS ÊTES ICI : NEWS > Analyses Financières

Analyses Financières

Making one's way in the Iberian Peninsula

20/11/2001

A small cap
The Sapec story has not always been easy to follow and to relate. Over the past few years there have been some strong capital gains, and the activity portfolio has been continuously reshaped. It is no wonder that the share price of this very small cap has been lagging when not being erratic. It is particularly unfortunate that Sapec has had to present poor 1H01 results at a time when the climate is hostile to illiquid stocks.

Still a growth story
However there are some genuine growth areas in its diversified portfolio. These include nutrient products for niche agricultural markets – this came part of the Sapec portfolio this year – and a brand new waste management project that is to go on stream next year. And more new projects should come from existing and potential cash position. In the meantime, the situation has clarified with a loss-making port terminal in Portugal being disposed of at attractive conditions.

Buy
Our rating and target price have been carefully weighted to reflect the pro and the contra. We are well aware that recommending such a small and complicated share may seem irrelevant at the present time; however, we know that there are some investors around, looking for real bargains.

Download here

Loîc de Caters

Back