Added to YB: 2026-02-25
Pitch date: 2026-02-23
SIP.BR [neutral]
Sipef NV
+0.91%
current return
Author Info
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Company Info
Sipef NV operates as an agro-industrial company. The company operates through Palm, Rubber, Tea, and Bananas and horticulture segments.
Market Cap
EUR 1.1B
Pitch Price
EUR 87.60
Price Target
N/A
Dividend
4.94%
EV/EBITDA
4.25
P/E
8.53
EV/Sales
1.79
Sector
Food Products
Category
dividend
(SIP) SIPEF SA: Net Cash, Peak Margins, and a Single Commodity Dial
SIP.BR (overview): Belgian palm oil producer w/ 85k hectares, 97% gross profit from CPO. Young plantation base (9.5yr avg age) driving volume growth to 470k tonnes 2026. PNG operations realize $1,144/t vs Indonesia $863/t due to export levies. FY25: revenue $570M (+28.5%), EBIT $188M (+80%), FCF $133M, net cash $88M. Trades 8.5x P/E, 1.07x P/B post-rally. Bull: operational leverage, premium netbacks, balance sheet optionality, EU traceability moat. Bear: commodity price taker, Indonesia policy risk compressing margins, premium convergence, 40% payout amid $100-120M capex needs. Customer concentration (>30% to one buyer) amplifies cycle risk.
Read full article (31 min)