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Saputo TSX:SAP Stock Report

Last Price


Market Cap







25 Sep, 2022


Company Financials +
SAP fundamental analysis
Snowflake Score
Future Growth3/6
Past Performance1/6
Financial Health2/6

SAP Stock Overview

Saputo Inc. produces, markets, and distributes dairy products in Canada, the United States, Argentina, Australia, and the United Kingdom.

Saputo Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Saputo
Historical stock prices
Current Share PriceCA$32.86
52 Week HighCA$35.11
52 Week LowCA$24.61
1 Month Change-1.14%
3 Month Change14.82%
1 Year Change2.11%
3 Year Change-18.36%
5 Year Change-23.92%
Change since IPO1,211.12%

Recent News & Updates

Sep 24
Saputo (TSE:SAP) Has A Somewhat Strained Balance Sheet

Saputo (TSE:SAP) Has A Somewhat Strained Balance Sheet

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Sep 09
Saputo (TSE:SAP) May Have Issues Allocating Its Capital

Saputo (TSE:SAP) May Have Issues Allocating Its Capital

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want...

Aug 23
Saputo (TSE:SAP) Is Due To Pay A Dividend Of CA$0.18

Saputo (TSE:SAP) Is Due To Pay A Dividend Of CA$0.18

Saputo Inc.'s ( TSE:SAP ) investors are due to receive a payment of CA$0.18 per share on 16th of September. This...

Shareholder Returns

SAPCA FoodCA Market

Return vs Industry: SAP exceeded the Canadian Food industry which returned -15.6% over the past year.

Return vs Market: SAP exceeded the Canadian Market which returned -7.2% over the past year.

Price Volatility

Is SAP's price volatile compared to industry and market?
SAP volatility
SAP Average Weekly Movement4.0%
Food Industry Average Movement9.3%
Market Average Movement9.9%
10% most volatile stocks in CA Market18.3%
10% least volatile stocks in CA Market3.8%

Stable Share Price: SAP is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SAP's weekly volatility (4%) has been stable over the past year.

About the Company

195418,600Lino Saputo

Saputo Inc. produces, markets, and distributes dairy products in Canada, the United States, Argentina, Australia, and the United Kingdom. The company offers cheeses, including mozzarella and cheddar; specialty cheeses, such as ricotta, provolone, blue, parmesan, goat cheese, feta, romano, and havarti; fine cheeses comprising brie and camembert; and other cheeses that include brick, colby, farmer, munster, monterey jack, fresh curd, and processed cheeses. It also provides fluid milk, yogurt, sour cream, cottage cheese, and ice cream mixes, as well as other dairy and non-dairy products, which comprise butter, cream and creamers, aerosol whipped toppings, whipping cream, dips, spread, oil, flavored coffee whitener, and iced coffee.

Saputo Fundamentals Summary

How do Saputo's earnings and revenue compare to its market cap?
SAP fundamental statistics
Market CapCA$13.74b
Earnings (TTM)CA$360.00m
Revenue (TTM)CA$15.87b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SAP income statement (TTM)
Cost of RevenueCA$14.66b
Gross ProfitCA$1.21b
Other ExpensesCA$852.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 11, 2022

Earnings per share (EPS)0.86
Gross Margin7.64%
Net Profit Margin2.27%
Debt/Equity Ratio57.9%

How did SAP perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is SAP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SAP?

Other financial metrics that can be useful for relative valuation.

SAP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.1x
Enterprise Value/EBITDA16.4x
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does SAP's PE Ratio compare to its peers?

SAP PE Ratio vs Peers
The above table shows the PE ratio for SAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.7x
PBH Premium Brands Holdings
LAS.A Lassonde Industries
RSI Rogers Sugar
HLF High Liner Foods
SAP Saputo

Price-To-Earnings vs Peers: SAP is expensive based on its Price-To-Earnings Ratio (38.2x) compared to the peer average (13.7x).

Price to Earnings Ratio vs Industry

How does SAP's PE Ratio compare vs other companies in the North American Food Industry?

Price-To-Earnings vs Industry: SAP is expensive based on its Price-To-Earnings Ratio (38.2x) compared to the North American Food industry average (18.6x)

Price to Earnings Ratio vs Fair Ratio

What is SAP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SAP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio38.2x
Fair PE Ratio38.7x

Price-To-Earnings vs Fair Ratio: SAP is good value based on its Price-To-Earnings Ratio (38.2x) compared to the estimated Fair Price-To-Earnings Ratio (38.7x).

Share Price vs Fair Value

What is the Fair Price of SAP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SAP (CA$32.86) is trading below our estimate of fair value (CA$122.25)

Significantly Below Fair Value: SAP is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Saputo forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score


Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SAP's forecast earnings growth (36.7% per year) is above the savings rate (1.6%).

Earnings vs Market: SAP's earnings (36.7% per year) are forecast to grow faster than the Canadian market (7.6% per year).

High Growth Earnings: SAP's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: SAP's revenue (4.6% per year) is forecast to grow slower than the Canadian market (5.8% per year).

High Growth Revenue: SAP's revenue (4.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if SAP's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Saputo performed over the past 5 years?

Past Performance Score


Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SAP has high quality earnings.

Growing Profit Margin: SAP's current net profit margins (2.3%) are lower than last year (3.7%).

Past Earnings Growth Analysis

Earnings Trend: SAP's earnings have declined by 15.4% per year over the past 5 years.

Accelerating Growth: SAP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SAP had negative earnings growth (-33%) over the past year, making it difficult to compare to the Food industry average (-28%).

Return on Equity

High ROE: SAP's Return on Equity (5.5%) is considered low.

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Financial Health

How is Saputo's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SAP's short term assets (CA$4.3B) exceed its short term liabilities (CA$2.8B).

Long Term Liabilities: SAP's short term assets (CA$4.3B) do not cover its long term liabilities (CA$4.3B).

Debt to Equity History and Analysis

Debt Level: SAP's net debt to equity ratio (54.4%) is considered high.

Reducing Debt: SAP's debt to equity ratio has increased from 35.1% to 57.9% over the past 5 years.

Debt Coverage: SAP's debt is not well covered by operating cash flow (17.9%).

Interest Coverage: SAP's interest payments on its debt are well covered by EBIT (7.3x coverage).

Balance Sheet

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What is Saputo current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SAP's dividend (2.19%) is higher than the bottom 25% of dividend payers in the Canadian market (2.05%).

High Dividend: SAP's dividend (2.19%) is low compared to the top 25% of dividend payers in the Canadian market (5.95%).

Stability and Growth of Payments

Stable Dividend: SAP's dividends per share have been stable in the past 10 years.

Growing Dividend: SAP's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (83%), SAP's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (146.9%), SAP's dividend payments are not well covered by cash flows.

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


Average management tenure


Lino Saputo (55 yo)





Mr. Lino Anthony Saputo, Jr., has been Director at Global Dairy Platform. Mr. Saputo has been Chief Executive Officer of Saputo Inc. since March 2004 and has been its Chairman of the Board since August 201...

CEO Compensation Analysis

Compensation vs Market: Lino's total compensation ($USD1.20M) is below average for companies of similar size in the Canadian market ($USD8.28M).

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

Leadership Team

Experienced Management: SAP's management team is seasoned and experienced (7.4 years average tenure).

Board Members

Experienced Board: SAP's board of directors are considered experienced (8 years average tenure).


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

Insider Trading Volume

Insider Buying: SAP insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

TSX:SAP Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
12 Aug 22BuyCA$67,002Frank GuidoIndividual2,000CA$33.50
14 Jun 22BuyCA$89,983Haig PoutchigianIndividual3,329CA$27.03
15 Feb 22BuyCA$251,739Carl ColizzaIndividual8,300CA$30.33
26 Nov 21BuyCA$99,960Gaétane WagnerIndividual3,400CA$29.40

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 57.73% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Jolina Capital Inc.
129,653,410CA$4.3b0.27%no data
Placements Italcan Inc.
42,500,000CA$1.4b0%no data
The Vanguard Group, Inc.
8,836,602CA$290.4m1.03%no data
Beutel Goodman & Company Ltd.
Caisse de dépôt et placement du Québec
RBC Global Asset Management Inc.
BlackRock, Inc.
5,054,717CA$166.1m-1.4%no data
Leith Wheeler Investment Counsel Ltd.
BMO Asset Management Corp.
Mawer Investment Management Ltd.
Emanuele Saputo
2,576,794CA$84.7m0.27%no data
Fondation Mirella Et Lino Saputo, Endowment Arm
2,386,436CA$78.4m0%no data
Norges Bank Investment Management
1832 Asset Management L.P.
Franklin Resources, Inc.
Lazard Asset Management LLC
CIBC Asset Management Inc.
ATB Investment Management Inc.
IG Investment Management, Ltd.
CI Global Asset Management
Fidelity International Ltd
TD Asset Management, Inc.
Desjardins Global Asset Management Inc.
Dimensional Fund Advisors LP
J.P. Morgan Asset Management, Inc.
795,498CA$26.1m-2.29%no data

Company Information

Saputo Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Saputo Inc.
  • Ticker: SAP
  • Exchange: TSX
  • Founded: 1954
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: CA$13.739b
  • Shares outstanding: 418.12m
  • Website:

Number of Employees


  • Saputo Inc.
  • 6869 MEtropolitain Boulevard East
  • Montreal
  • Quebec
  • H1P 1X8
  • Canada


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SAPTSX (The Toronto Stock Exchange)YesCommon SharesCACADOct 1997
SB7DB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1997
SAPI.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDOct 1997
SAP2 NBMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNOct 1997

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2022/03/31

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.