ENXTPA:TFF

Stock Analysis Report

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Executive Summary

TFF Group manufactures and distributes barrels and wood products for the aging of wines and alcohols in Western Europe, Australasia, and North America.


Snowflake Analysis

Average dividend payer with mediocre balance sheet.

Share Price & News

How has TFF Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

10.2%

TFF

4.3%

FR Packaging

-0.3%

FR Market


1 Year Return

-17.0%

TFF

-3.3%

FR Packaging

-7.5%

FR Market

Return vs Industry: TFF underperformed the French Packaging industry which returned -6.8% over the past year.

Return vs Market: TFF underperformed the French Market which returned -8.9% over the past year.


Shareholder returns

TFFIndustryMarket
7 Day10.2%4.3%-0.3%
30 Day13.5%3.5%4.8%
90 Day15.6%10.9%12.6%
1 Year-16.2%-17.0%-2.1%-3.3%-5.6%-7.5%
3 Year-15.7%-18.1%-13.5%-20.3%10.9%1.6%
5 Year37.2%31.3%41.3%24.2%24.4%7.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is TFF Group undervalued compared to its fair value and its price relative to the market?

24.31x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: TFF (€30.3) is trading above our estimate of fair value (€16.62)

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


Price To Earnings Ratio

PE vs Industry: TFF is poor value based on its PE Ratio (24.3x) compared to the FR Packaging industry average (17.6x).

PE vs Market: TFF is poor value based on its PE Ratio (24.3x) compared to the French market (15x).


Price to Earnings Growth Ratio

PEG Ratio: TFF is poor value based on its PEG Ratio (1.9x)


Price to Book Ratio

PB vs Industry: TFF's PB Ratio (1.9x) is in line with the FR Packaging industry average.


Next Steps

Future Growth

How is TFF Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

13.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TFF's forecast earnings growth (13.1% per year) is above the savings rate (0.6%).

Earnings vs Market: TFF's earnings (13.1% per year) are forecast to grow slower than the French market (13.1% per year).

High Growth Earnings: TFF's earnings are forecast to grow, but not significantly.

Revenue vs Market: TFF's revenue (1.8% per year) is forecast to grow slower than the French market (4.1% per year).

High Growth Revenue: TFF's revenue (1.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TFF's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has TFF Group performed over the past 5 years?

-1.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TFF has high quality earnings.

Growing Profit Margin: TFF's current net profit margins (9.6%) are lower than last year (13.4%).


Past Earnings Growth Analysis

Earnings Trend: TFF's earnings have declined by -1.1% per year over the past 5 years.

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

Earnings vs Industry: TFF had negative earnings growth (-19.8%) over the past year, making it difficult to compare to the Packaging industry average (5.7%).


Return on Equity

High ROE: TFF's Return on Equity (7.6%) is considered low.


Next Steps

Financial Health

How is TFF Group's financial position?


Financial Position Analysis

Short Term Liabilities: TFF's short term assets (€384.6M) exceed its short term liabilities (€203.5M).

Long Term Liabilities: TFF's short term assets (€384.6M) exceed its long term liabilities (€65.6M).


Debt to Equity History and Analysis

Debt Level: TFF's debt to equity ratio (58.3%) is considered high.

Reducing Debt: TFF's debt to equity ratio has increased from 28.9% to 58.3% over the past 5 years.

Debt Coverage: TFF's debt is not well covered by operating cash flow (0.03%).

Interest Coverage: TFF's interest payments on its debt are well covered by EBIT (42.1x coverage).


Balance Sheet


Next Steps

Dividend

What is TFF Group current dividend yield, its reliability and sustainability?

1.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TFF's dividend (1.16%) isn’t notable compared to the bottom 25% of dividend payers in the French market (1.72%).

High Dividend: TFF's dividend (1.16%) is low compared to the top 25% of dividend payers in the French market (4.89%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.1%), TFF's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TFF's dividends in 3 years are forecast to be well covered by earnings (21.6% payout ratio).


Next Steps

Management

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

€1m

CEO Compensation


CEO

Jérôme François

no data

Tenure

€1,000,000

Compensation

Mr. Jérôme François has been Chief Executive Officer of Tonnellerie Demptos S.A.S. since 1989. Mr. François serves as Chairman of the Management Board at TFF Group (also known as Tonnellerie Francois Frere ...


CEO Compensation Analysis

Compensation vs Market: Jérôme's total compensation ($USD1.14M) is about average for companies of similar size in the French market ($USD874.37K).

Compensation vs Earnings: Jérôme'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.


Ownership Breakdown

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


Top Shareholders

Company Information

TFF Group's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TFF Group
  • Ticker: TFF
  • Exchange: ENXTPA
  • Founded:
  • Industry: Paper Packaging
  • Sector: Materials
  • Market Cap: €656.904m
  • Shares outstanding: 21.68m
  • Website: https://www.tff-group.com

Number of Employees


Location

  • TFF Group
  • Village Bas
  • Saint-Romain
  • Burgundy
  • 21190
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TFFENXTPA (Euronext Paris)YesCommon SharesFREURJan 1999
0IH4LSE (London Stock Exchange)YesCommon SharesGBEURJan 1999
TFFPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1999

Biography

TFF Group manufactures and distributes barrels and wood products for the aging of wines and alcohols in Western Europe, Australasia, and North America. The company also offers staves, cooperages, casks, wood and oenological products, and stainless steel containers. It primarily serves wine, whisky, and bourbon markets. The company was formerly known as Tonnellerie François Frères. TFF Group is based in Saint-Romain, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/13 20:52
End of Day Share Price2020/07/13 00:00
Earnings2019/10/31
Annual Earnings2019/04/30


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.