Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (SEM.LS) | Investment Case

1. Company Snapshot

1.a. Company Description

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A., through its subsidiaries, produces and sells uncoated wood free (UWF) printing and writing paper.It operates through three segments: Pulp and Paper, Cement and Derivatives, and Environment.The company offers pulp and tissue paper; researches, develops, produces, and sells forestry and agricultural products; produces and sells bleached eucalyptus kraft pulp (BEKP), cork, and pinewood products; and produces and sells energy from thermal, natural gas, and biofuel sources.

It is also involved in the production and sale of cement, ready-mixed concrete, aggregates, mortars, prefabricated concrete structures, hydraulic lime, and clinker products; and operation of quarries.In addition, the company offers environment related services comprising recovery and sale of animal by-products and food products containing animal origin substances for the production of fertilizers and animal feed; and oil products for the biodiesel market.It has operations in Portugal, other European countries, the United States, Africa, Asia, Oceania, and internationally.

The company was incorporated in 1991 and is headquartered in Lisbon, Portugal.

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1.b. Last Insights on SEM

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1.c. Company Highlights

Last Price	17.14
Change Percentage	1.54%
Open	16.9
Previous Close	16.88
Market Cap ( Millions)	1369
Volume	24623
Year High	19.06
Year Low	13.3
M A 50	17.7
M A 200	17.09

FCF Yield	9.29%
Dividend Yield	3.65%
ROE	11.81%
Debt / Equity	98.20%
Net Debt / EBIDTA	209.36%
Price To Book	0.82
Price Earnings Ratio	7.19
Price To FCF	10.76
Price To sales	0.48
EV / EBITDA	4.38

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 (4.48%)

6. Segments

Pulp and Paper

Expected Growth: 4.5%

Growing demand for sustainable packaging, increasing use of tissue products, and rising need for specialty papers in the European market drive the growth of Semapa's pulp and paper products.

Cement

Expected Growth: 4.5%

The cement market in Portugal and Spain is driven by increasing infrastructure development, government investments in construction projects, and growing demand for sustainable building materials. Semapa's strong market presence and diversified product portfolio position the company for growth.

Other

Expected Growth: 3.5%

The 'Other' segment, comprising forestry and tourism, is expected to grow steadily driven by increasing demand for sustainable forestry practices and eco-tourism. Government initiatives promoting sustainable forestry and tourism development will further boost growth.

Intragroup Eliminations

Expected Growth: 4.5%

Intragroup eliminations from Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. are expected to grow at a CAGR of 4.5% driven by increasing consolidation of financial statements, improved financial reporting, and enhanced transparency in corporate governance.

Holdings

Expected Growth: 4.5%

Driven by increasing demand for sustainable practices, Semapa's diversified portfolio is poised for growth. The environmental services sector is expected to benefit from government regulations and consumer awareness, while the paper sector will be driven by packaging demand. The energy sector will be fueled by the shift towards renewable energy sources.

7. Detailed Products

Cement

Semapa's cement segment produces and distributes cement, concrete, and other construction materials.

Pulp and Paper

Semapa's pulp and paper segment produces and distributes paper products, packaging materials, and tissue products.

Waste Management

Semapa's waste management segment provides waste collection, treatment, and disposal services.

Environmental Services

Semapa's environmental services segment provides services for water treatment, waste water treatment, and environmental consulting.

Real Estate

Semapa's real estate segment develops and manages commercial and residential properties.

8. Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. is high due to the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. is high due to the presence of several competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	47.08%
Debt Cost	5.41%
Equity Weight	52.92%
Equity Cost	9.69%
WACC	7.68%
Leverage	88.98%

11. Quality Control: Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. passed 4 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

Semapa

A-Score: 7.2/10

Value: 8.4

Growth: 5.6

Quality: 4.8

Yield: 7.5

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

Iberpapel

A-Score: 7.0/10

Value: 8.2

Growth: 5.0

Quality: 6.1

Yield: 7.5

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

Exacompta Clairefontaine

A-Score: 6.4/10

Value: 9.2

Growth: 5.2

Quality: 3.9

Yield: 7.5

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

Nordic Paper Holding

A-Score: 5.6/10

Value: 7.7

Growth: 4.9

Quality: 5.1

Yield: 9.4

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

CPH

A-Score: 5.5/10

Value: 4.6

Growth: 3.4

Quality: 5.7

Yield: 6.2

Momentum: 5.5

Volatility: 7.3

1-Year Total Return ->

Arctic Paper

A-Score: 4.0/10

Value: 9.6

Growth: 3.1

Quality: 2.5

Yield: 4.4

Momentum: 0.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-10.19%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.68%

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. - PTSEM0AM0004

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SEM

Have nothing to say about that one ...

1.c. Company Highlights

Less Volatile

Higher Yield

Cheaper

Revenues Beats

Earnings Beats

Revenues Miss

Earnings Miss

Average Yield

Strong Momentum

Stable Momentum

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.48%)

6. Segments

Pulp and Paper

Expected Growth: 4.5%

Cement

Expected Growth: 4.5%

Other

Expected Growth: 3.5%

Intragroup Eliminations

Expected Growth: 4.5%

Holdings

Expected Growth: 4.5%

7. Detailed Products

Cement

Pulp and Paper

Waste Management

Environmental Services

Real Estate

8. Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.'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: Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. passed 4 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

0.17$

Current Price

0.17$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA