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Analyses Financières

A closer look at the group's activity

14/11/2001

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> Recent years have seen major changes in Sapec’s portfolio of activities. For this reason it seemed to us appropriate to take a closer look at the group’s activity and its medium-term prospects.

> It has to be stated that, despite very clear progress, group profitability remains fairly low owing to an inadequate financial structure, due in turn to the still very heavy overweighting of nonoperational fixed assets and a very large cash position.

> Despite all this, the share is still undervalued. For the investor prepared to wait, it even represents a fairly significant appreciation potential once its financial structure becomes more balanced.

> The flow-based valuation models (DCF/EVA™) set Sapec’s theoretical value at EUR 60 per share. Even applying a 25% illiquidity discount, there is still room for the price to rise by some 15%.

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Bernard Hanssens

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