Added to YB: 2026-08-27
Pitch date: 2026-08-18
TFF.PA [neutral]
TFF Group
-0.73%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
TFF Group, together with its subsidiaries, engages in the wine and spirits ageing in the United States, Europe, France, Asia, and internationally.
Market Cap
EUR 364.2M
Pitch Price
EUR 16.52
Price Target
N/A
Dividend
2.38%
EV/EBITDA
13.16
P/E
N/A
EV/Sales
2.13
Sector
Containers and Packaging
Category
turnaround
DB_Silver_Fox | Portfolio update as of 11.08.2026 - TFF Group
TFF.PA (hold): Author is holding worst-performing position (weighted average cost €21.69/share) and watching solely for management debt reduction; per own calculations, management treated COVID-era cask over-demand as the new normal and overinvested at the cycle top, spending €170m on CAPEX and acquisitions over 5 years (189% of CFO), financing the gap with new debt, leaving net debt author calls unsustainable at current EBITDA; author believes profit recovery is a long way off as a second-order recovery in spirits and wine — brand owners (DGE.L, RI.PA, Campari, RCO.PA) recover first, then downstream firms follow; cites overleveraged balance sheet as the one risk but believes the company will survive and reap high-operating-leverage benefits when the cycle turns; no technology risks; will consider increasing weight only after fundamental recovery of brand owners is in place.
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