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Analyses Financières
Analyses
Financières
Comments
on 2001 figures
29/4/2002
Comments
on 2001 figures
2001
results
Sapec's full year results were not good. Belox-expectation
results in Agrochemicals products, both on the traditional
Portuguese market and for the recently acquired Tradecorp
in Spain, is a major reason. Heavy net financial charges is
another. The dividend is however increased by 7%.
2002e
EPS revised downward
As
a consequence of 2001 figures, we have also cut our EPS for
2002 and 2003. We nevertheless still believe that Sapec can
find its way to a certain growth, thanks to specific areas
like nutrient products for niche agricultural markets and
a brand new waste management project that is to go on stream
this year. Energy, where Sapec made a large investment at
the end of 2001, should also be an area of growth in 2003.
Rating
also revised
Our rating and 12-m target price have been cut as well. Our
rating is Accumulate, with a price objective of EUR 47.
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