olivLaw · European equity research
Groupe SAMSE SAMS.PA
France · Euronext Paris · ISIN FR0000060071 · Vertical: Listed companies from France
Groupe SAMSE is a building materials distributor organised into several banners, active in multi-specialist supply, specialist supply and do-it-yourself retail for the general public. Its 2024 annual report shows a governance structure with clear thresholds for Board approval of strategic decisions, which matters for investors tracking investment and guarantee discipline.
At the close of 05 Nov 2026, Groupe SAMSE (SAMS.PA) stock was 114.00 EUR (+0.88% on the day), with market capitalisation 390.3 m EUR, P/E 14.9 on diluted EPS of 7.67 EUR over the last 12 months, beta 0.15, 52-week range 106.50–133.50 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)
- 54.6
- neutral
- Bollinger (20, 2)
- 104.52 – 119.13
- in the upper half of the band · %B 0.65 · band width 13.1%
- SMA 50 / 200
- 116.08 / 120.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.71 / -2.27
- 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 | −3.0% | −0.6% | −2.3 pp | — |
| 3 months | −5.8% | −4.2% | −1.6 pp | — |
| 6 months | −2.6% | +4.3% | −6.9 pp | — |
| Year to date | −13.6% | +7.5% | −21.1 pp | — |
| 1 year | −8.8% | +9.9% | −18.7 pp | −6.8% |
| 3 years | −33.5% | +49.8% | −83.4 pp | −15.9% |
| 5 years | −44.1% | +42.8% | −86.9 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 67 percentile of its own 3-quarter history (min 6.8, median 9.1, max 18.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 1.9 bn |
| Revenue YoY | unavailable | −1.2% | +2.3% |
| Net income | 94.9 m | 76.4 m | 26.3 m |
| Net income YoY | unavailable | −19.4% | −65.6% |
| Diluted EPS | 27.58 | 22.30 | 7.67 |
| Diluted EPS YoY | unavailable | −19.1% | −65.6% |
| net % | 5.0% | 4.0% | 1.4% |
| Free cash flow | 79.8 m | 92.3 m | 77.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 121.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 615.6 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 4.2%
- ROA
- 1.7%
- FCF margin
- 4.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 1.9 bn | esef· 23 Apr 2025verified |
| Operating income | 125.2 m | 101.9 m | 51.1 m | esef· 23 Apr 2025verified |
| Income tax | 32.6 m | 26.3 m | 14.9 m | esef· 23 Apr 2025verified |
| Net income | 94.9 m | 76.4 m | 26.3 m | esef· 23 Apr 2025verified |
| Diluted EPS | 27.58 | 22.30 | 7.67 | esef· 23 Apr 2025verified |
| Weighted average diluted shares | 3.4 m | 3.4 m | 3.4 m | esef· 23 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 184.6 m | 192.2 m | 121.6 m | esef· 23 Apr 2025verified |
| Inventories | 380.1 m | 338.1 m | 359.0 m | esef· 23 Apr 2025verified |
| Property, plant & equipment, net | 255.4 m | 270.8 m | 350.6 m | esef· 23 Apr 2025verified |
| Goodwill | 41.0 m | 51.5 m | 73.4 m | esef· 23 Apr 2025verified |
| Intangibles (excl. goodwill) | 1.8 m | 2.3 m | 4.0 m | esef· 23 Apr 2025verified |
| Total assets | 1.5 bn | 1.5 bn | 1.7 bn | esef· 23 Apr 2025verified |
| Current liabilities | 524.7 m | 490.9 m | 541.2 m | esef· 23 Apr 2025verified |
| Equity | 621.7 m | 641.7 m | 615.6 m | esef· 23 Apr 2025verified |
| Shares outstanding at year end | 3.4 m | 3.4 m | 3.4 m | esef· 23 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 124.7 m | 148.1 m | 131.5 m | esef· 23 Apr 2025verified |
| Capex | 44.9 m | 55.8 m | 54.2 m | esef· 23 Apr 2025verified |
| Free cash flow | 79.8 m ≈ | 92.3 m ≈ | 77.4 m ≈ | esef· 23 Apr 2025derived |
| Investing cash flow | -8.3 m | -67.2 m | -152.2 m | esef· 23 Apr 2025verified |
| Financing cash flow | -77.5 m | -73.1 m | -53.0 m | esef· 23 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 390.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 85.07 – 228.57 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/E85.07 – 228.57 (Mid 131.39)20 companies used · median multiple 17.1x · quartiles 11.1x – 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.4% | 51 (vs peers) | 20% |
| FCF conversion · Quality | 294.7% | 100 (on a fixed band) | 20% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 14.9x | 65 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 19.8% | 100 (on a fixed band) | 27% |
| 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· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation81/100 · 2/3 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
SAMSE (SAMS.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.9 bn EUR in 2024; YoY growth 2.3%; net margin 1.4%; ROE 4.2%.
The estimated value range is 85.07–228.57 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 131.39 EUR, the price of 114.00 EUR leaves a potential of 15.3% (value / price − 1) and a margin of safety of 13.2% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 294.7%
- FCF yield: 19.8%
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, 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 | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| SAMS.PASamse | 390.3 m | 14.9 | 4.2% | 1.4% | +2.3% | −8% / −35% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for SAMS.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 | 65.87 Total return -42% · Per year -42% | 116.58 Total return 2% · Per year 2% | 175.78 Total return 54% · Per year 54% |
| 3 years | 61.08 Total return -46% · Per year -19% | 121.91 Total return 7% · Per year 2% | 202.23 Total return 77% · Per year 21% |
| 5 years | 56.65 Total return -50% · Per year -13% | 127.49 Total return 12% · Per year 2% | 232.67 Total return 104% · Per year 15% |
- Exit P/E± 30.48
- Net margin± 21.33
- Annual revenue growth± 17.90
- Annual dilution± 1.79
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
Groupe SAMSE is a building materials distributor organised into several banners, active in multi-specialist supply, specialist supply and do-it-yourself retail for the general public. Its 2024 annual report shows a governance structure with clear thresholds for Board approval of strategic decisions, which matters for investors tracking investment and guarantee discipline.
SWOT
Strengths
- A clear governance structure, with formal thresholds for investment and guarantee approval by the Board of Directors.
- A centralised animation model through DUMONT INVESTISSEMENT, providing shared services to the whole Group.
- A portfolio of banners with distinct identities, covering multi-specialist, specialist and do-it-yourself retail.
Weaknesses
- The share of women in the workforce remains low, which limits workforce diversity.
- The complexity of a multi-banner structure can make strategic coherence and uniform performance reporting harder.
- Reliance on services re-invoiced between Group entities may obscure the real costs of each banner.
Opportunities
- Rising demand for materials with a lower carbon footprint, supported by the Low Carbon committee.
- Digitalisation of sales channels and logistics, which could reduce distribution costs.
- Consolidation in specialist categories, where dedicated banners could gain market share.
Threats
- A slowdown in construction and renovation activity could weigh on sales volumes across all trades.
- High financing costs could make investments and asset acquisitions harder.
- Competition from do-it-yourself chains and online distributors could squeeze margins.
Risks
- Concentration of financial decisionsmedium
Approval thresholds in the millions of euros mean that major decisions depend on the Board. If the approval process becomes slow, the response to market opportunities could be delayed.
- Cyclicality of constructionhigh
The Group's revenue depends on construction and renovation activity. A slowdown in these markets could affect volumes across all three trades.
- Dependence on intra-group serviceslow
Services provided by DUMONT INVESTISSEMENT are re-invoiced at cost. Any imbalance in cost allocation could distort the perceived profitability of individual banners.
- Workforce diversitylow
The low share of women in the workforce could attract regulatory or investor pressure, and the effects of the current policy are expected in the medium term.
- Climate transitionmedium
Decarbonisation goals imply investment in products and logistics. If these investments do not translate into additional demand, costs could outweigh benefits.
Investment thesis
What would need to be true (bull case)
- If the banner model and centralised animation prove able to generate scale economies, the Group could strengthen its position in specialist segments.
- The priority given to decarbonisation and digitalisation could open new sources of revenue and efficiency in the coming years.
- Governance discipline, with clear approval thresholds, could reduce the risk of large investments made without sufficient control.
What would break the thesis
- If construction activity slows, volumes across all trades could fall at the same time, pressuring margins.
- The complexity of the banner structure and the re-invoiced services could hide inefficiencies that become visible only in difficult periods.
- Competition from do-it-yourself chains and online channels could limit the ability to raise prices or gain market share.
What to watch
- Trend in revenue and margins by tradeNext annual report
- Pace of investments and acquisitions relative to the approval thresholds2025
- Progress of the Low Carbon committee and decarbonisation targets2025
- Trend in the share of women in the workforce and in the diversity policyNext annual report
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
According to the 2024 universal registration document, the Groupe SAMSE business is structured in three trades: multi-specialist building materials supply, specialist building materials supply and do-it-yourself retail for the general public. The company is led by a Chief Executive and several Deputy Chief Executives, and an Executive Committee of twenty members implements the operational strategy together with banner management and support functions. Operations run through the Group's banners, each with its own chairman or managing director, so the group functions more as a coordination platform than as a single unified structure.
The Group's animation role is carried out by DUMONT INVESTISSEMENT, which provides functional and support tasks across all Group perimeters. These services are re-invoiced at cost under a regulated agreement between SAMSE and DUMONT INVESTISSEMENT. Part of the central costs is therefore allocated through an internal contractual mechanism, which directly affects how banner margins should be read.
The Board has separated the roles of Chairman and Chief Executive since 1 January 2023. The Chairman receives only a fixed remuneration, while the executive officers have a variable component linked to annual financial performance and long-term instruments. This remuneration structure is decided under a policy approved by the General Meeting.
Segments
Multi-specialist building materials supply
The Group's first trade covers building materials distribution serving construction professionals across several product categories. The 2024 report does not break out revenue by segment in this extract, so the analysis needs to rely on later financial documents.
Specialist building materials supply
The second trade focuses on specialised product categories such as timber, insulation, sanitary equipment and materials for groundworks and water, through the Group's dedicated banners. This division is distinct from the multi-specialist one in terms of range and customer base.
Do-it-yourself retail for the general public
The third trade targets private customers through the Group's do-it-yourself store network. It is more sensitive to the household consumption cycle and to conditions in the property market.
Market context
Groupe SAMSE operates in building materials and do-it-yourself distribution, a sector that depends on construction activity, renovation and household spending. The registration document in this extract does not provide an estimate of market size, so conclusions about market share remain limited to what the company presents.
The remuneration and governance structure shows that the Group balances annual financial performance against long-term commitments, which could influence how management handles investment during periods of weak demand.
Trends
- Decarbonisation focusmixed
The Group has created a dedicated Low Carbon strategic committee, signalling a strategic priority on reducing the carbon footprint of its activity. If customer demand for low-impact materials grows, this orientation could become a competitive advantage.
- Digitalisation of distributiontailwind
The existence of a Digital committee and a Supply Chain committee suggests investment in online channels and logistics. These could lower distribution costs, but they also require capital spending and adaptation.
- Cost of financing and investmentheadwind
Approval thresholds for investments and guarantees, set in the millions of euros, show that any significant expansion needs careful control. In a higher-cost financing environment, these thresholds could slow the pace of acquisitions.
- Workforce diversityheadwind
The share of women in the Group workforce remains low, and management states that the effects of its diversity policy will be visible only in the medium term. Regulatory pressure and investor expectations on diversity could rise.
Competitive position
Direct competition comes from other building materials distributors and do-it-yourself chains operating in France. The registration document does not name competitors, so the list below reflects only general competitor categories, not an assessment of market shares.
SAMSE's advantage stems from its network of banners with their own identities and a centralised animation structure that allows scale economies in purchasing and logistics. Such a model may be more resilient against fragmented competitors, but it depends on keeping coherence across banners.
- French building materials distributors
Regional or national competitors in multi-specialist distribution, not listed on a US exchange.
- French do-it-yourself chains
Competitors in the private customer segment, with comparable offers in DIY and home improvement.
- Specialist timber and insulation distributors
Competitors in specialist categories where the Group positions its dedicated banners.
- Sanitary and water materials distributors
Competitors in the groundworks and water segments, where the Group's banners have a distinct presence.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202423 Apr 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Groupe SAMSE · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.