Annual Report 2016
So now Sapec is out with their annual report for the last year (or 15 months).
The report is in French, so I am not sure if understood everything by 100% but I try to summarize the relevant issues:
- Book value per share at year-end was 191,6 EUR
- The operating result of the business ex the sold business is slightly negative
- The Agro business was sold at 318,4 mn equity value, resulting in a gain of 226 mn EUR
- They provisioned the full 36 mn Novo Bank guarantee.
Disclaimer: This is not investment advice. The stock mentioned is relatively illiquid and potentially risky. Please do your own research !!!!
SAPEC SA, despite having gained already 350% YTD is in my opinion still a highly attractive special situation. The company is in the process of selling its main business which will result in around 230 EUR net cash per share compared to a share price of 135 EUR. Deal closing is very likely and management promised to distribute a “significant amount” of the proceeds. For me this is very attractive as I expect this to happen in the first half of 2017.
SAPEC is a somewhat strange company. Although the company is listed in Belgium, business activities are almost exclusively in the Iberian Peninsula (Portugal & Spain). This is how the company describes itself: