(AOF) – The Stef group (+10.43% to 137.60 euros) is at the top of the DTH market after announcing a sharp increase in net profit share of the group for the year 2023. The specialist in transport and of temperature-controlled logistics for food products evokes “a year of strategic transformation, marked by the sale of maritime activities and by two structuring external growth operations in Belgium and the Netherlands”.
Net profit, group share, stood at 191.6 million euros compared to 146.4 million in 2022. Operating profit increased by 6.1% to 230 million euros. TP Icap Midcap notes that the current operating margin stood at 5.6%, stable compared to last year, restated for Méridionale. For its part, turnover increased by 6.8% to 4.44 billion euros.
TP Icap Midcap remains a buy with a price target of 156 euros: the broker welcomes results “above (its) expectations but clearly above the consensus”, what’s more “in a complicated context”.
The group announces that it is continuing its dividend policy of one third of its results, which represents a distribution of 5.10 euros per share, subject to the vote of the general meeting of April 25, 2024. The proposed dividend for 2022 was 4 euros per share.
“Despite a context of low food consumption which could continue over the first half of the year”, Stef is approaching 2024 “with confidence”.
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