ENXTBR:SPA

Stock Analysis Report

Société de Services de Participations de Direction et d'Elaboration

Executive Summary

Société de Services, de Participations, de Direction et d'Elaboration produces and markets natural mineral water in Belgium.

Rewards

PE ratio (20x) is below the Beverage industry average (21.3x)

Earnings grew by 60.4% over the past year

Risk Analysis

No risks detected for SPA from our risk checks.


Snowflake Analysis

Outstanding track record with excellent balance sheet.

Share Price & News

How has Société de Services de Participations de Direction et d'Elaboration's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SPA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.0%

SPA

1.8%

BE Beverage

0.5%

BE Market


1 Year Return

-9.3%

SPA

6.8%

BE Beverage

8.7%

BE Market

Return vs Industry: SPA underperformed the Belgian Beverage industry which returned 6.8% over the past year.

Return vs Market: SPA underperformed the Belgian Market which returned 8.7% over the past year.


Shareholder returns

SPAIndustryMarket
7 Day-3.0%1.8%0.5%
30 Day-4.0%-3.2%0.04%
90 Day-2.0%1.1%1.7%
1 Year-8.7%-9.3%9.0%6.8%10.9%8.7%
3 Year58.7%55.4%11.2%4.3%-3.6%-9.9%
5 Year173.9%162.2%19.4%6.9%0.6%-11.1%

Price Volatility Vs. Market

How volatile is Société de Services de Participations de Direction et d'Elaboration's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Société de Services de Participations de Direction et d'Elaboration undervalued compared to its fair value and its price relative to the market?

20.01x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SPA (€194) is trading above our estimate of fair value (€67.14)

Significantly Below Fair Value: SPA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SPA is good value based on its PE Ratio (20x) compared to the Beverage industry average (21.3x).

PE vs Market: SPA is poor value based on its PE Ratio (20x) compared to the Belgian market (17.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SPA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: SPA is overvalued based on its PB Ratio (4x) compared to the XE Beverage industry average (2.1x).


Next Steps

Future Growth

How is Société de Services de Participations de Direction et d'Elaboration forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

7.3%

Forecasted Food, Beverage & Tobacco industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Société de Services de Participations de Direction et d'Elaboration has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Société de Services de Participations de Direction et d'Elaboration performed over the past 5 years?

18.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SPA has high quality earnings.

Growing Profit Margin: SPA's current net profit margins (13%) are higher than last year (8.4%).


Past Earnings Growth Analysis

Earnings Trend: SPA's earnings have grown by 18.8% per year over the past 5 years.

Accelerating Growth: SPA's earnings growth over the past year (60.4%) exceeds its 5-year average (18.8% per year).

Earnings vs Industry: SPA earnings growth over the past year (60.4%) exceeded the Beverage industry 2.7%.


Return on Equity

High ROE: SPA's Return on Equity (20.1%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Société de Services de Participations de Direction et d'Elaboration's financial position?


Financial Position Analysis

Short Term Liabilities: SPA's short term assets (€167.6M) exceed its short term liabilities (€131.1M).

Long Term Liabilities: SPA's short term assets (€167.6M) exceed its long term liabilities (€71.5M).


Debt to Equity History and Analysis

Debt Level: SPA's debt to equity ratio (7%) is considered satisfactory.

Reducing Debt: SPA's debt to equity ratio has increased from 1.8% to 7% over the past 5 years.

Debt Coverage: SPA's debt is well covered by operating cash flow (293.4%).

Interest Coverage: SPA's interest payments on its debt are well covered by EBIT (141.6x coverage).


Balance Sheet

Inventory Level: SPA has a high level of physical assets or inventory.

Debt Coverage by Assets: SPA's debt is covered by short term assets (assets are 12x debt).


Next Steps

Dividend

What is Société de Services de Participations de Direction et d'Elaboration's current dividend yield, its reliability and sustainability?

1.03%

Current Dividend Yield


Dividend Yield vs Market

company1.0%marketbottom25%2.0%markettop25%4.3%industryaverage2.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: SPA's dividend (1.03%) isn’t notable compared to the bottom 25% of dividend payers in the Belgian market (2.03%).

High Dividend: SPA's dividend (1.03%) is low compared to the top 25% of dividend payers in the Belgian market (4.31%).


Stability and Growth of Payments

Stable Dividend: SPA is not paying a notable dividend for the Belgian market, therefore no need to check if payments are stable.

Growing Dividend: SPA is not paying a notable dividend for the Belgian market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: SPA is not paying a notable dividend for the Belgian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of SPA's dividend in 3 years as they are not forecast to pay a notable one for the Belgian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

€764k

CEO Compensation


CEO

Marc du Bois 0

€763,790

Compensation

Mr. Marc du Bois serves as the Chief Executive Officer of Sociéte de Services, de Participations, de Direction et d'Elaboration. Mr. du Bois served as Deputy General Manager of Sociéte de Services, de Part ...


CEO Compensation Analysis

Compensation vs Market: Marc's total compensation ($USD826.25K) is above average for companies of similar size in the Belgian market ($USD551.71K).

Compensation vs Earnings: Marc's compensation has been consistent with company performance over the past year.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Top Shareholders

Company Information

Société de Services, de Participations, de Direction et d'Elaboration's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Société de Services, de Participations, de Direction et d'Elaboration
  • Ticker: SPA
  • Exchange: ENXTBR
  • Founded:
  • Industry: Soft Drinks
  • Sector: Food, Beverage & Tobacco
  • Market Cap: €813.469m
  • Shares outstanding: 4.15m
  • Website: https://www.spadel.com

Number of Employees


Location

  • Société de Services, de Participations, de Direction et d'Elaboration
  • Avenue des Communautés 110
  • Woluwe-Saint-Lambert
  • Brussels
  • 1200
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPAENXTBR (Euronext Brussels)YesRegistered Personal SharesBEEURJan 1992
0OH1LSE (London Stock Exchange)YesRegistered Personal SharesGBEURJan 1992

Biography

Société de Services, de Participations, de Direction et d'Elaboration produces and markets natural mineral water in Belgium. It offers natural mineral water under the Spa, Bru, Wattwiller, Carola, Brecon Carreg, and Devin brands. The company is based in Woluwe-Saint-Lambert, Belgium. Société de Services, de Participations, de Direction et d'Elaboration is a subsidiary of Finances Et Industries SA. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 21:00
End of Day Share Price2020/02/19 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.