ENXTPA:FBEL

Stock Analysis Report

Executive Summary

Fromageries Bel SA produces and distributes cheese in Western Europe, Northern and Eastern Europe, the Americas, the Asia-Pacific, Greater Africa, and the Middle East.


Snowflake Analysis

Adequate balance sheet second-rate dividend payer.

Share Price & News

How has Fromageries Bel's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

FBEL

-5.8%

FR Food

-4.5%

FR Market


1 Year Return

-5.7%

FBEL

-3.0%

FR Food

10.5%

FR Market

Return vs Industry: FBEL underperformed the French Food industry which returned -3% over the past year.

Return vs Market: FBEL underperformed the French Market which returned 10.5% over the past year.


Shareholder returns

FBELIndustryMarket
7 Day0%-5.8%-4.5%
30 Day0%-7.8%-3.2%
90 Day0.7%-8.9%-1.3%
1 Year-4.1%-5.7%-0.6%-3.0%14.4%10.5%
3 Year-37.9%-40.8%8.0%0.3%38.5%25.4%
5 Year10.5%1.4%21.6%7.4%47.2%26.5%

Price Volatility Vs. Market

How volatile is Fromageries Bel's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fromageries Bel undervalued compared to its fair value and its price relative to the market?

16.44x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FBEL (€300) is trading above our estimate of fair value (€190.71)

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


Price To Earnings Ratio

PE vs Industry: FBEL is poor value based on its PE Ratio (16.4x) compared to the Food industry average (16.4x).

PE vs Market: FBEL is good value based on its PE Ratio (16.4x) compared to the French market (18.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: FBEL is overvalued based on its PB Ratio (1.2x) compared to the FR Food industry average (1.2x).


Next Steps

Future Growth

How is Fromageries Bel forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

10.2%

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 Fromageries Bel 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 Fromageries Bel performed over the past 5 years?

-0.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FBEL has a large one-off loss of €58.6M impacting its June 30 2019 financial results.

Growing Profit Margin: FBEL's current net profit margins (3.7%) are lower than last year (4.5%).


Past Earnings Growth Analysis

Earnings Trend: FBEL's earnings have declined by -0.5% per year over the past 5 years.

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

Earnings vs Industry: FBEL had negative earnings growth (-16.8%) over the past year, making it difficult to compare to the Food industry average (-15.6%).


Return on Equity

High ROE: FBEL's Return on Equity (7.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Fromageries Bel's financial position?


Financial Position Analysis

Short Term Liabilities: FBEL's short term assets (€1.4B) exceed its short term liabilities (€1.1B).

Long Term Liabilities: FBEL's short term assets (€1.4B) exceed its long term liabilities (€1.2B).


Debt to Equity History and Analysis

Debt Level: FBEL's debt to equity ratio (59.6%) is considered high.

Reducing Debt: FBEL's debt to equity ratio has increased from 46.2% to 59.6% over the past 5 years.

Debt Coverage: FBEL's debt is well covered by operating cash flow (22.6%).

Interest Coverage: FBEL's interest payments on its debt are well covered by EBIT (10.3x coverage).


Balance Sheet

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

Debt Coverage by Assets: FBEL's debt is covered by short term assets (assets are 1.3x debt).


Next Steps

Dividend

What is Fromageries Bel's current dividend yield, its reliability and sustainability?

1.65%

Current Dividend Yield


Dividend Yield vs Market

company1.7%marketbottom25%1.6%markettop25%4.7%industryaverage2.7%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: FBEL's dividend (1.65%) is higher than the bottom 25% of dividend payers in the French market (1.6%).

High Dividend: FBEL's dividend (1.65%) is low compared to the top 25% of dividend payers in the French market (4.68%).


Stability and Growth of Payments

Stable Dividend: FBEL's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (27.1%), FBEL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

5.8yrs

Average board tenure


CEO

Antoine Fiévet (55yo)

10.8yrs

Tenure

€1,474,287

Compensation

Mr. Antoine Fiévet has been the Chief Executive Officer of Fromageries Bel since May 14, 2009. Mr. Fiévet served as a Manager and Acting Partner of Unibel. Mr. Fiévet served as Co-Manager of R.F.E. and Man ...


CEO Compensation Analysis

Compensation vs Market: Antoine's total compensation ($USD1.60M) is above average for companies of similar size in the French market ($USD1.12M).

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


Board Members

NamePositionTenureCompensationOwnership
Antoine Fiévet
Chairman & CEO10.8yrs€1.47m3.5% 71.2m
Thierry Billot
Lead Independent Director4.6yrs€91.00kno data
Bruno Schocht
Permanent Representative Director1.6yrs€1.57mno data
Fatine Layt
Independent Director7.8yrs€34.80kno data
Florian Sauvin
Director10.8yrs€194.97kno data
Nathalie Roos
Independent Director5.8yrs€18.00kno data
Philippe Perche
Employee Representative Director1.6yrs€16.40kno data

5.8yrs

Average Tenure

54yo

Average Age

Experienced Board: FBEL's board of directors are considered experienced (5.8 years average tenure).


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.


Ownership Breakdown

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


Top Shareholders

Company Information

Fromageries Bel SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fromageries Bel SA
  • Ticker: FBEL
  • Exchange: ENXTPA
  • Founded: 1865
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: €2.036b
  • Shares outstanding: 6.79m
  • Website: https://www.groupe-bel.com

Number of Employees


Location

  • Fromageries Bel SA
  • 2 allée de Longchamp
  • Suresnes
  • Ile-de-France
  • 92150
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FBELENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0EIALSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
FBELPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1992

Biography

Fromageries Bel SA produces and distributes cheese in Western Europe, Northern and Eastern Europe, the Americas, the Asia-Pacific, Greater Africa, and the Middle East. The company offers its products under core brands, including The Laughing Cow, Kiri, Mini Babybel, Leerdammer, and Boursin. It also provides institutional catering services to hospitals and company canteens; and commercial catering services to restaurants, vending machine operators, etc. In addition, the company markets and sells prepared dairy proteins to meet the needs of food industry customers who make products, such as ice cream, yogurt, and other foods that use dairy products under the Nollibel name. The company was founded in 1865 and is headquartered in Suresnes, France. Fromageries Bel SA is a subsidiary of Unibel SA. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 21:09
End of Day Share Price2020/02/25 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.