Compagnie d'Entreprises CFE SA (CFEB.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Compagnie d'Entreprises CFE SA operates in dredging, environment, marine engineering, contracting, and real estate sectors.Its Dredging, Environment, Offshore and Infra (DEME) segment is involved in the dredging of capital and maintenance; installation of offshore wind farms; laying of submarine power cables; protection of marine pipelines; treatment of polluted sludge and sediments; dredging and marine civil engineering; and supply of marine aggregates.The company's Contracting segment builds and refurbishes office buildings, residential properties, hotels, schools, universities, car parks, shopping and leisure centers, hospitals, and industrial buildings.

This segment also undertakes tertiary electricity; heating, ventilation, and air conditioning; electromechanical facilities; telecom networks; automotive, pharmaceutical, and agri-food industries automation; automated management of technical facilities in buildings; electromechanical works for road and rail infrastructures; long-term maintenance of technical facilities; energy performance enhancement of buildings; railway and signaling; energy transportation; and public lighting projects contracts.Its Real Estate Development segment develops real estate projects.The company's Holding and Non-Transferred Activities segment is involved in the rental of a port; and designing, building, financing, and maintenance of contracts, as well as undertakes building projects and various civil engineering contracts.

It operates in Belgium and the rest of Europe, the Middle East, Asia, Oceania, Africa, and the Americas.The company was incorporated in 1880 and is headquartered in Brussels, Belgium.Compagnie d'Entreprises CFE SA is a subsidiary of Ackermans & van Haaren NV.

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1.b. Last Insights on CFEB

Have nothing to say about that one ...

1.c. Company Highlights

Last Price	8.78
Change Percentage	0.46%
Open	8.6
Previous Close	8.74
Market Cap ( Millions)	217
Volume	1434
Year High	10.8
Year Low	5.72
M A 50	9.04
M A 200	8.72

FCF Yield	53.25%
Dividend Yield	4.56%
ROE	11.29%
Debt / Equity	79.49%
Net Debt / EBIDTA	92.63%
Price To Book	0.92
Price Earnings Ratio	7.95
Price To FCF	1.88
Price To sales	0.19
EV / EBITDA	5.26

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.08%)

6. Segments

Construction & Renovation

Expected Growth: 1.2%

Compagnie d'Entreprises CFE SA's Construction & Renovation segment growth of 1.2% is driven by increasing demand for sustainable building solutions, government investments in infrastructure development, and a growing need for renovation of existing buildings to meet energy efficiency standards.

Multitechnics

Expected Growth: 0.8%

Multitechnics from Compagnie d'Entreprises CFE SA's 0.8 growth driven by increasing demand for industrial automation, expansion into emerging markets, and strategic acquisitions. Additionally, investments in digitalization and innovation, coupled with a strong order backlog, contribute to the segment's growth momentum.

Real Estate Development

Expected Growth: 1.5%

Compagnie d'Entreprises CFE SA's 1.5% growth in Real Estate Development is driven by increasing demand for sustainable and energy-efficient buildings, government incentives for urban renewal projects, and strategic partnerships with local authorities to revitalize urban areas. Additionally, the company's focus on mixed-use developments and innovative financing models also contribute to its growth.

Eliminations between Segments

Expected Growth: 0.5%

Compagnie d'Entreprises CFE SA's 0.5% growth in eliminations between segments is driven by moderate organic growth, stable market share, and efficient cost management. The company's diversified business portfolio and strategic investments in growth initiatives also contribute to this growth rate.

Investment & Holding

Expected Growth: 0.9%

Compagnie d'Entreprises CFE SA's 0.9% growth in Investment & Holding is driven by a stable cash flow generation, strategic asset allocation, and a diversified portfolio. The company's focus on long-term investments, prudent risk management, and efficient capital allocation contribute to its steady growth. Additionally, the company's strong financial position and solid track record of delivering consistent returns support its growth momentum.

7. Detailed Products

Railway Infrastructure

Design, construction, and maintenance of railway infrastructure, including tracks, stations, and signaling systems.

Road Construction

Design, construction, and maintenance of roads, highways, and bridges, including urban planning and development.

Energy and Utilities

Design, construction, and maintenance of energy and utility infrastructure, including power plants, transmission lines, and distribution networks.

Building Construction

Design, construction, and maintenance of commercial and residential buildings, including offices, apartments, and public buildings.

Environmental Services

Design, construction, and maintenance of environmental infrastructure, including water treatment plants, waste management facilities, and pollution control systems.

Multimodal Transport

Design, construction, and maintenance of multimodal transport infrastructure, including airports, seaports, and logistics facilities.

8. Compagnie d'Entreprises CFE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Compagnie d'Entreprises CFE SA is moderate due to the presence of alternative construction and infrastructure companies.

Bargaining Power Of Customers

The bargaining power of customers for Compagnie d'Entreprises CFE SA is low due to the company's strong reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Compagnie d'Entreprises CFE SA is moderate due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Compagnie d'Entreprises CFE SA is low due to the high barriers to entry in the construction and infrastructure industry.

Intensity Of Rivalry

The intensity of rivalry for Compagnie d'Entreprises CFE SA is high due to the presence of several established competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	47.17%
Debt Cost	6.54%
Equity Weight	52.83%
Equity Cost	11.72%
WACC	9.27%
Leverage	89.29%

11. Quality Control: Compagnie d'Entreprises CFE SA passed 0 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bravida Holding

A-Score: 5.9/10

Value: 5.8

Growth: 5.8

Quality: 5.5

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

CFE

A-Score: 5.7/10

Value: 9.4

Growth: 1.1

Quality: 4.8

Yield: 5.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Salcef

A-Score: 5.1/10

Value: 4.6

Growth: 4.4

Quality: 6.9

Yield: 3.1

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Implenia

A-Score: 5.0/10

Value: 5.6

Growth: 4.1

Quality: 3.5

Yield: 1.9

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

Etteplan

A-Score: 4.7/10

Value: 5.3

Growth: 4.2

Quality: 4.7

Yield: 4.4

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

Trakcja

A-Score: 4.5/10

Value: 8.0

Growth: 3.6

Quality: 4.6

Yield: 0.0

Momentum: 8.0

Volatility: 3.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-10.94%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.27%

Compagnie d'Entreprises CFE SA - BE0003883031

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CFEB

Have nothing to say about that one ...

1.c. Company Highlights

Lower Growth

Cheaper

Lower Quality

Weak Momentum

Average Quality

Stable Momentum

Medium Volatility

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.08%)

6. Segments

Construction & Renovation

Expected Growth: 1.2%

Multitechnics

Expected Growth: 0.8%

Real Estate Development

Expected Growth: 1.5%

Eliminations between Segments

Expected Growth: 0.5%

Investment & Holding

Expected Growth: 0.9%

7. Detailed Products

Railway Infrastructure

Road Construction

Energy and Utilities

Building Construction

Environmental Services

Multimodal Transport

8. Compagnie d'Entreprises CFE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Compagnie d'Entreprises CFE SA passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.78$

Current Price

8.78$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA