olivLaw · European equity research
SOCIÉTÉ D'EXPLOSIFS ET DE PRODUITS CHIMIQUES (EPC Groupe) EXPL.PA
France · Euronext Paris · ISIN FR0014003AQ4 · Vertical: Listed companies from France
The EPC Group is an integrated player in explosives, drilling and blasting services, and demolition, with operations in Africa, the Middle East, Europe, Canada and, since 2025, Brazil. In fiscal 2025 consolidated revenue including joint ventures reached 592 M EUR, up 6%, and demand from metal mining remains a support for growth.
At the close of 03 Nov 2026, SOCIÉTÉ D'EXPLOSIFS ET DE PRODUITS CHIMIQUES (EPC Groupe) (EXPL.PA) stock was 292.00 EUR (+0.69% on the day), with market capitalisation 621.4 m EUR, P/E 21.9 on diluted EPS of 13.31 EUR over the last 12 months, beta -0.04, 52-week range 201.00–301.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 66.1
- strong (55–70)
- Bollinger (20, 2)
- 236.26 – 291.74
- above the upper band · %B 1.00 · band width 21.0%
- SMA 50 / 200
- 273.88 / 264.75
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.03 / -1.84
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −1.0% | +5.3 pp | — |
| 3 months | +6.6% | −3.9% | +10.5 pp | — |
| 6 months | +8.6% | +7.2% | +1.4 pp | — |
| Year to date | +35.2% | +6.6% | +28.6 pp | — |
| 1 year | +42.4% | +9.1% | +33.4 pp | −6.7% |
| 3 years | +160.7% | +47.9% | +112.8 pp | −16.6% |
| 5 years | +352.7% | +43.3% | +309.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 11.2, median 16.2, max 16.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 482.3 m | 490.2 m | 539.2 m |
| Revenue YoY | unavailable | +1.6% | +10.0% |
| Net income | 21.3 m | 23.4 m | 28.5 m |
| Net income YoY | unavailable | +9.5% | +22.0% |
| Diluted EPS | 10.16 | 11.03 | 13.31 |
| Diluted EPS YoY | unavailable | +8.6% | +20.7% |
| net % | 4.4% | 4.8% | 5.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 197.9 m EUR
- Total assets
- 512.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.42x
- ROE
- 15.4%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 482.3 m | 490.2 m | 539.2 m | esef· 12 May 2026verified |
| Operating income | 32.5 m | 33.1 m | 42.9 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 25.7 m | 30.7 m | 30.1 m | esef· 12 May 2026verified |
| EBITDA | 58.2 m ≈ | 63.8 m ≈ | 73.0 m ≈ | esef· 12 May 2026derived |
| Pre-tax income | 26.6 m | 29.0 m | 35.8 m | esef· 12 May 2026verified |
| Income tax | 3.7 m | 4.1 m | 5.4 m | esef· 12 May 2026verified |
| Net income | 21.3 m | 23.4 m | 28.5 m | esef· 12 May 2026verified |
| Diluted EPS | 10.16 | 11.03 | 13.31 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.2 m | 30.7 m | 40.0 m | esef· 12 May 2026verified |
| Inventories | 54.2 m | 62.0 m | 63.9 m | esef· 12 May 2026verified |
| Current assets | 236.8 m | 244.1 m | 275.3 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 117.7 m | 124.3 m | 133.8 m | esef· 12 May 2026verified |
| Goodwill | 9.3 m | 11.2 m | 17.4 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 4.3 m | 5.4 m | 6.0 m | esef· 12 May 2026verified |
| Total assets | 445.6 m | 469.5 m | 512.8 m | esef· 12 May 2026verified |
| Current liabilities | 177.1 m | 193.0 m | 193.6 m | esef· 12 May 2026verified |
| Total liabilities | 300.7 m | 297.1 m | 315.0 m | esef· 12 May 2026verified |
| Equity | 144.9 m | 172.4 m | 197.9 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 2.1 m | 2.1 m | 2.1 m | esef· 12 May 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 621.4 m EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 145.23 – 396.85 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E145.23 – 396.85 (Mid 228.47)20 companies used · median multiple 17.2x · quartiles 10.9x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.3% | 77 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 21.9x | 43 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial52/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial43/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOC D EXPLOSIFS PRODUITS CHIMIQUES (EXPL.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 539.2 m EUR in 2025; YoY growth 10.0%; net margin 5.3%; ROE 16.1%.
The estimated value range is 145.23–396.85 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 228.47 EUR, the price of 292.00 EUR leaves a potential of -21.8% (value / price − 1) and a margin of safety of -27.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.3%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 105.2 bn | 31.9 | 12.9% | 12.2% | −2.0% | +22% / +27% |
| AC.PAAccor | 13.3 bn | 29.7 | 9.6% | 8.0% | +0.6% | +3% / +50% |
| ADP.PAAeroports De Paris | 11.3 bn | 33.1 | 7.8% | 5.6% | +12.1% | −10% / +1% |
| AKE.PAArkema | 6.8 bn | 110.8 | 0.9% | 0.7% | −5.0% | +8% / −39% |
| ALO.PAAlstom | 5.9 bn | 18.5 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.7 bn | 11.7 | — | 1.0% | +4.8% | +3% / −7% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.6 bn | 30.6 | 5.0% | 4.1% | −4.8% | +29% / +3% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 804.4 m | 21.2 | 8.9% | 8.5% | +44.8% | −12% / +43% |
| AUB.PAAubay | 675.0 m | 18.0 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| EXPL.PASoc D Explosifs Produits Chimiques | 621.4 m | 21.9 | 16.1% | 5.3% | +10.0% | +34% / +154% |
| ATO.PAAtos Se | 491.4 m | — | -23,400.0% | -17.5% | −16.5% | −44% / −94% |
| ASY.PAAssystem | 483.2 m | 66.6 | 2.5% | 1.1% | +7.4% | −23% / −22% |
| ARAMI.PAAramis Group | 296.3 m | 14.9 | 10.0% | 0.8% | +6.3% | −33% / −17% |
| ARVEN.PAArverne Group | 245.3 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 182.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 153.9 m | 30.2 | 9.3% | 1.9% | +5.8% | +48% / +119% |
| ALCGM.PACegedim | 142.7 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALHEX.PAHexaom | 141.9 m | 6.6 | 9.9% | 2.2% | +13.1% | −33% / +6% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +73% / +69% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.2 m | 7.9 | 6.9% | 3.0% | +12.6% | −6% / −50% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for EXPL.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 183.38 Total return -37% · Per year -37% | 323.40 Total return 11% · Per year 11% | 486.01 Total return 66% · Per year 66% |
| 3 years | 198.23 Total return -32% · Per year -12% | 391.37 Total return 34% · Per year 10% | 642.84 Total return 120% · Per year 30% |
| 5 years | 214.27 Total return -27% · Per year -6% | 473.62 Total return 62% · Per year 10% | 850.27 Total return 191% · Per year 24% |
- Exit P/E± 97.84
- Net margin± 68.49
- Annual revenue growth± 53.40
- Annual dilution± 5.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
The EPC Group is an integrated player in explosives, drilling and blasting services, and demolition, with operations in Africa, the Middle East, Europe, Canada and, since 2025, Brazil. In fiscal 2025 consolidated revenue including joint ventures reached 592 M EUR, up 6%, and demand from metal mining remains a support for growth.
SWOT
Strengths
- The group has an integrated position that combines products with drilling-blasting services and proprietary technologies. Local presence in several regions gives access to mining projects that are hard to reach for smaller competitors.
- Rising operating profitability, with EBITDA growing faster than revenue, points to good cost discipline. A decentralised management structure brings decisions closer to the field.
- Joint ventures and subsidiaries across several countries allow geographic diversification and risk sharing. Recent acquisitions extended the presence in Brazil and Morocco.
Weaknesses
- Dependence on a few geographic zones, such as Africa and the Middle East, exposes the group to political risk and to the effects of elections. The decline in Saudi Arabia showed how much volumes in a single market can weigh.
- The financial result is affected by financing costs and exchange differences, and dollar movements produced conversion losses. Currency exposure remains a weakness in reporting.
- Segment reporting with proportional integration differs from IFRS consolidated statements, which can make comparisons harder for ordinary investors. The joint venture structure also complicates the reading of figures.
Opportunities
- Mining projects under development in Africa and the Middle East offer potential for higher volumes. If new mines open, demand for integrated services could grow.
- Expansion in Brazil after the Pirobras acquisition and investments in Morocco open new markets. Technologies such as SPUR may help win contracts in infrastructure works.
- Circular economy and demolition offers can respond to growing requirements for recycling and environmental compliance. The model could be extended where demand for such services rises.
Threats
- Political elections and instability in some African countries could interrupt activity and delay projects. Regulatory changes, including local content requirements, may force restructuring.
- Global competitors with greater resources could press prices and win large contracts. A fall in mining demand could reduce the volumes sold.
- Exchange rate movements, especially of the dollar, could continue to affect revenue reported in euros. Dependence on raw material and transport suppliers may create cost pressure.
Risks
- Political risk in Africahigh
Electoral periods and instability in some African countries have already affected revenue in certain countries. If tensions persist, activity and projects could be delayed.
- Lower volumes in Saudi Arabiamedium
The fall in volumes in Saudi Arabia reduced zone profitability in 2025. If the market does not recover, the impact on group results could continue.
- Currency exposuremedium
The depreciation of the US dollar and associated currencies reduced reported revenue in euros and generated negative exchange differences. Adverse currency movements could continue to affect results.
- Environmental and decommissioning liabilitieslow
The group holds a provision for decommissioning, decontamination and depollution, whose value depends on actuarial assumptions and interest rates. Changes in these assumptions can affect reported results.
- Dependence on joint venturesmedium
A large part of the contribution to net income comes from joint ventures accounted for under the equity method. If partners or local regulations change, their contribution could decline.
Investment thesis
What would need to be true (bull case)
- Demand for metals such as gold, bauxite and iron supports volumes of explosives and mining services, and the group has an integrated position in this segment.
- Improved profitability in 2025, with EBITDA growing faster than revenue, shows the group can turn growth into profit.
- Geographic diversification, with new presence in Brazil and Morocco, reduces dependence on a single market and could support medium-term growth.
What would break the thesis
- Exposure to high-risk political zones, such as Africa, could lead to interruptions and delays in projects that may weigh on revenue.
- The decline in Saudi Arabia and the weaker dollar showed how sensitive the group is to external factors, and the financial result was weighed down by costs and exchange differences.
- Dependence on joint ventures and local partners can complicate control over results and decisions, especially in countries with changing regulations.
What to watch
- Volume trends in Saudi Arabia and recovery of the Africa-Middle East zoneQ1 2027
- Progress of African mining projects and the impact of delays on revenue2027
- Contribution of Pirobras in Brazil and activity trends in Morocconext annual report
- Evolution of the dollar exchange rate and its effect on the financial result2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The EPC Group produces and distributes commercial explosives and provides drilling and blasting services for mining, quarrying and public works, while through EPC Demosten and other companies it also conducts demolition, decommissioning and circular economy activities. The structure is organised into wholly or majority-owned subsidiaries such as EPC France, EPC United Kingdom, EPC Sverige, EPC Côte d'Ivoire and EPC Canada Explosives, plus seven joint ventures including Arabian Explosives and Modern Chemical Services. Recent acquisitions, such as Pirobras in Brazil in May 2025 and the creation of Société Centrale d'Approvisionnement Minier in Morocco, extend the group's geographic footprint.
The business splits into explosives and drilling-blasting, where the group sells chemical products, integrated blasting services and solutions such as the SPUR on-site manufacturing technology for tunnels, and into Urban Mining, which combines demolition and circular economy. The focus on clients in metal mines, quarries and public works reflects a positioning on value-added services, not only product sales. Development through joint ventures in the Middle East and Africa complements the operating model.
The group reports results on a segment basis with proportional integration of joint ventures, an indicator used by management and partner banks to calculate prudential ratios. This presentation differs from IFRS consolidated statements, where joint ventures are accounted for under the equity method, so figures should be read in the context of each method.
Segments
Explosives and drilling-blasting
The main segment combines explosives production, distribution and drilling-blasting services for metal mines, where demand for gold, bauxite and iron remains strong. The Europe-Mediterranean-America zone grew fastest in 2025, supported by Canada and Morocco.
Urban Mining
Demolition, decommissioning and circular economy activities returned to growth in 2025 after a 2024 year affected by the Paris Olympic Games. EPC Demosten alone reported revenue of 103.6 M EUR in 2025, and the activity relies on heavy equipment and works contracts.
Joint ventures
The seven joint ventures, grouped by zone, are equity-accounted and contribute significantly to net income. Arabian Explosives and Modern Chemical Services in the Middle East, as well as entities in Guinea and Belgium, complement the group's production capacity.
Market context
The core market is demand for explosives and mining services, supported by rising global demand for metals such as gold, bauxite and iron. Zones with many mine openings, such as the Middle East, Africa and Canada, offer medium-term growth prospects, although political elections in some countries can cause year-to-year fluctuations.
The public works and quarrying market relies on infrastructure projects such as the Lyon-Turin tunnel, where the group sells on-site manufacturing solutions. Prices were relatively stable in 2025, so revenue growth came mainly from volumes and acquisitions.
Trends
- Stronger demand for metalstailwind
Global demand for gold, bauxite and iron supports mining volumes, which underpins sales of explosives and drilling-blasting services. If the mining investment cycle continues, growth could remain solid over the medium term.
- New mine openings in Africa and the Middle Eastmixed
Numerous mining projects under development in Africa and the Middle East offer growth prospects for the group. For the same reason the zone is sensitive to the electoral calendar and local instability, which could cause delays.
- Lower volumes in Saudi Arabiaheadwind
A sharp fall in volumes in Saudi Arabia weighed on profitability in the Africa-Middle East zone in 2025 and reduced zone revenue. If the Saudi market does not recover, pressure on this zone could continue.
- Currency fluctuations of the US dollarheadwind
The depreciation of the US dollar and associated currencies against the euro reduced reported revenue and generated a negative financial result from exchange differences. The effect is most visible for activities in dollar-linked currencies and in Canada.
Competitive position
The group competes with other explosives producers and drilling-blasting service providers, both global and regional. EPC's stated advantage lies in integrated services, technologies such as SPUR and local presence in many countries in Africa and the Middle East.
In demolition and circular economy, competition comes from firms specialised in public works and recycling, and in Canada and Morocco from local producers. Joint ventures with local partners can offer easier access to markets regulated by local content rules.
- Orica
International explosives producer and mining services provider, a direct competitor in many commercial explosives markets.
- Dyno Nobel
Global supplier of explosives for mining and civil works, present in many regions where the group operates.
- Enaex
Explosives producer with presence in Latin America and Africa, competing in the mining segment.
- Regional explosives companies
Local producers in Africa, the Middle East and Canada that compete on price and on local client relationships.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SOCIÉTÉ D'EXPLOSIFS ET DE PRODUITS CHIMIQUES (EPC Groupe) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.