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1. Company Snapshot

1.a. Company Description

SP Group A/S, together with its subsidiaries, engages in the manufacture and supply of moulded plastic and composite components primarily in Denmark, rest of Europe, the Americas, Asia, the Middle East, Australia, and Africa.The company develops and produces fluoroplastic coatings, and PTFE and other refined materials principally for the healthcare, cleantech, and food-related industries.It also manufactures solid, foamed, flexible, and light-foam polyurethane products for the cleantech industry, as well as produces ventilation equipment, ergonomic mats, and striping products.


In addition, the company offers thermo-formed plastic components for refrigerators, freezers, cars, buses, and other rolling stock, cleantech, and medical device industries, etc.Further, it provides injection-moulded plastic precision components for various industries; packaging for FDA-registered products for customers in the medical device industry; rotational-moulded precision components manufacturing services for range of industries; fenders and buoys to the maritime industry; blow-moulded plastic precision components manufacturing services for medical device industry; and composite solutions for various raw materials.Additionally, the company performs coatings on plastic and metal components, and operates 3D print and machining solutions.


SP Group A/S was incorporated in 1962 and is headquartered in Søndersø, Denmark.

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1.b. Last Insights on SPG

SP Group A/S's recent performance was driven by a record revenue increase of 8.8% in Q1 2025, fueled by strategic expansions in the healthcare sector. The company's strategic moves have positioned it for growth amidst market challenges, with a focus on expanding its presence in the healthcare industry. Additionally, the company's resilience in the face of geopolitical tensions and economic uncertainties has been highlighted as a key factor in its ability to navigate the current market landscape.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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SP Group AS (OCSE:SPG) Q3 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Nov -21

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India's SP Group unit eyes January-end completion for 2-year mega bond sale, bankers say

Nov -06

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Undiscovered European Gems with Strong Potential This October 2025

Oct -31

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India's SP Group unit plans $2.5 billion debt sale in early 2026, bankers say

Oct -29

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Singapore’s largest industrial district cooling system begins operations to support STMicroelectronics’ decarbonization strategy

Oct -21

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Undiscovered Gems in Europe Promising Stocks for August 2025

Aug -29

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Exploring Three Undiscovered Gems In Europe

Jul -28

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Unveiling Three Undiscovered Gems in Europe with Strong Potential

Jun -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Moulded Plastic and Composite Components

Expected Growth: 5.5%

Growing demand for lightweight and durable components in industrial and automotive applications, driven by increasing focus on fuel efficiency, sustainability, and performance, is expected to drive the growth of moulded plastic and composite components market.

Hedging Instrument

Expected Growth: 4.5%

The hedging instrument market is driven by increasing demand for risk management solutions, growing volatility in commodity prices and interest rates, and rising adoption of derivatives in emerging markets.

7. Detailed Products

Wind Turbines

SP Group A/S designs and manufactures wind turbines for onshore and offshore wind farms, providing clean and renewable energy solutions.

Solar Panels

SP Group A/S offers high-efficiency solar panels for residential, commercial, and industrial applications, harnessing solar energy to power homes and businesses.

Energy Storage Systems

SP Group A/S provides energy storage solutions, including batteries and power conversion systems, to optimize energy usage and reduce grid instability.

Smart Grid Solutions

SP Group A/S offers advanced smart grid solutions, including smart meters, grid management systems, and data analytics, to optimize energy distribution and consumption.

Electric Vehicle Charging Infrastructure

SP Group A/S designs and installs electric vehicle charging stations for homes, businesses, and public spaces, supporting the adoption of electric vehicles.

8. SP Group A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SP Group A/S is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers is low, as SP Group A/S has a strong brand and customers are loyal to the company.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as SP Group A/S has some negotiating power, but suppliers also have some bargaining power.

Threat Of New Entrants

The threat of new entrants is high, as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high, as there are many competitors in the market and the competition is fierce.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.25%
Debt Cost 7.04%
Equity Weight 60.75%
Equity Cost 8.36%
WACC 7.84%
Leverage 64.60%

11. Quality Control: SP Group A/S passed 3 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

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Elkem

A-Score: 5.0/10

Value: 8.8

Growth: 2.6

Quality: 3.2

Yield: 5.6

Momentum: 7.5

Volatility: 2.7

1-Year Total Return ->

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SP Group

A-Score: 4.4/10

Value: 6.3

Growth: 6.9

Quality: 6.2

Yield: 1.9

Momentum: 2.0

Volatility: 3.3

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Treatt

A-Score: 3.9/10

Value: 6.7

Growth: 6.0

Quality: 6.2

Yield: 3.8

Momentum: 0.0

Volatility: 1.0

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Essentra

A-Score: 3.5/10

Value: 4.0

Growth: 1.3

Quality: 3.6

Yield: 6.2

Momentum: 1.0

Volatility: 5.0

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LANXESS

A-Score: 3.1/10

Value: 8.3

Growth: 1.4

Quality: 1.9

Yield: 2.5

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

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Gurit

A-Score: 2.7/10

Value: 7.6

Growth: 1.4

Quality: 1.5

Yield: 4.4

Momentum: 0.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

291.0$

Current Price

291$

Potential

-0.00%

Expected Cash-Flows