olivLaw · European equity research
Séché Environnement SCHP.PA
France · Euronext Paris · ISIN FR0000039109 · Vertical: Listed companies from France
Séché Environnement is a French group that collects, treats and recovers industrial and local authority waste, with a high share of industrial clients. Its SBTi-certified decarbonisation ambition and the alignment of 68.7 % of revenue with the green taxonomy place the group at the centre of the shift toward a circular economy.
At the close of 05 Nov 2026, Séché Environnement (SCHP.PA) stock was 77.60 EUR (+1.04% on the day), with market capitalisation 601.6 m EUR, P/E 28.0 on diluted EPS of 2.77 EUR over the last 12 months, beta 0.46, 52-week range 56.80–90.20 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)
- 62.7
- strong (55–70)
- Bollinger (20, 2)
- 66.85 – 78.76
- in the upper half of the band · %B 0.90 · band width 16.4%
- SMA 50 / 200
- 75.49 / 77.31
- mixed trend
- MACD (12, 26, 9)
- 0.74 / -0.08
- 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 | +10.9% | −0.6% | +11.5 pp | — |
| 3 months | −4.3% | −4.2% | −0.1 pp | — |
| 6 months | −7.9% | +4.3% | −12.3 pp | — |
| Year to date | +5.7% | +7.5% | −1.8 pp | — |
| 1 year | +13.0% | +9.9% | +3.0 pp | −6.8% |
| 3 years | −26.0% | +49.8% | −75.8 pp | −15.9% |
| 5 years | +15.8% | +42.8% | −27.0 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 17.0, median 17.9, max 26.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.3 bn |
| Revenue YoY | unavailable | +9.2% | +5.2% |
| Net income | 47.8 m | 35.5 m | 21.5 m |
| Net income YoY | unavailable | −25.8% | −39.5% |
| Diluted EPS | 6.13 | 4.57 | 2.77 |
| Diluted EPS YoY | unavailable | −25.4% | −39.4% |
| net % | 4.4% | 3.0% | 1.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 706.1 m EUR
- Financial debt
- 1.0 bn EUR
- Net debt
- 327.3 m EUR
- Equity
- 876.2 m EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- 1.18x
- Current ratio
- 2.04x
- ROE
- 2.9%
- ROA
- 0.9%
- 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 | 1.1 bn | 1.2 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Operating income | 91.4 m | 91.7 m | 81.5 m | esef· 18 Mar 2026verified |
| Income tax | 17.8 m | 18.3 m | 9.5 m | esef· 18 Mar 2026verified |
| Net income | 47.8 m | 35.5 m | 21.5 m | esef· 18 Mar 2026verified |
| Diluted EPS | 6.13 | 4.57 | 2.77 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 162.2 m | 169.8 m | 706.1 m | esef· 18 Mar 2026verified |
| Inventories | 26.9 m | 32.1 m | 31.6 m | esef· 18 Mar 2026verified |
| Current assets | 553.4 m | 598.3 m | 1.1 bn | esef· 18 Mar 2026verified |
| Goodwill | 435.2 m | 779.2 m | 718.0 m | esef· 18 Mar 2026verified |
| Total assets | 1.6 bn | 2.1 bn | 2.6 bn | esef· 18 Mar 2026verified |
| Long-term debt | 611.5 m | 630.6 m | 1.0 bn | esef· 18 Mar 2026verified |
| Current liabilities | 509.4 m | 744.0 m | 553.9 m | esef· 18 Mar 2026verified |
| Equity | 346.3 m | 589.7 m | 876.2 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 7.8 m | 7.8 m | 7.8 m | esef· 18 Mar 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: 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: 601.6 m EUR
Key indicators
Coverage and freshness
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: 30.72 – 82.55 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 · input data missing
- Peers: P/E30.72 – 82.55 (Mid 47.45)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 | 6.1% | 48 (vs peers) | 33% |
| Net margin · Quality | 1.7% | 59 (vs peers) | 20% |
| 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 | 2.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 28.0x | 43 (vs peers) | 33% |
| 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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 2/3 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
SECHE ENVIRONNEMENT (SCHP.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2025; YoY growth 5.2%; net margin 1.7%; ROE 4.2%.
The estimated value range is 30.72–82.55 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 47.45 EUR, the price of 77.60 EUR leaves a potential of -38.9% (value / price − 1) and a margin of safety of -63.5% (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
- Current ratio: 2.0x
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): 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 | 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% |
| SCHP.PASeche Environnement | 601.6 m | 28.0 | 4.2% | 1.7% | +5.2% | +7% / −26% |
| 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% |
| 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 SCHP.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 | 46.21 Total return -40% · Per year -40% | 81.67 Total return 5% · Per year 5% | 122.97 Total return 58% · Per year 58% |
| 3 years | 45.52 Total return -41% · Per year -16% | 90.45 Total return 17% · Per year 5% | 149.45 Total return 93% · Per year 24% |
| 5 years | 44.84 Total return -42% · Per year -10% | 100.18 Total return 29% · Per year 5% | 181.62 Total return 134% · Per year 19% |
- Exit P/E± 22.61
- Net margin± 15.83
- Annual revenue growth± 12.90
- Annual dilution± 1.33
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
Séché Environnement is a French group that collects, treats and recovers industrial and local authority waste, with a high share of industrial clients. Its SBTi-certified decarbonisation ambition and the alignment of 68.7 % of revenue with the green taxonomy place the group at the centre of the shift toward a circular economy 1.
SWOT
Strengths
- The group has a diversified base of industrial clients and an integrated portfolio of treatment and recovery facilities 1.
- The decarbonisation target has been certified by SBTi, which gives credibility with clients concerned about emissions 1.
- Majority alignment of revenue with the European green taxonomy supports access to sustainable finance 1.
Weaknesses
- Reliance on short-term contracts with industrial companies can make revenue more sensitive to economic cycles 1.
- Incineration activities remain emissions-intensive, and the reduction potential without carbon capture is limited 1.
- The declining share of local authorities shows a growing dependence on more volatile industrial clients 1.
Opportunities
- Rising demand for treatment of complex waste from the pharmaceutical and semiconductor industries 1.
- Development of international markets, particularly in Asia, where demand is growing and capacity is limited 1.
- Material recovery of waste, which can produce regenerated raw materials with market value 1.
Threats
- Carbon taxation and regulatory requirements could raise operating costs if not offset 1.
- Economic instability in some countries where the group operates could affect volumes and profitability 1.
- Carbon capture and storage technologies, needed for targets after 2040, are not yet viable at industrial scale 1.
Risks
- Dependence on industrial clientsmedium
Industrial clients make up most of revenue and hold short-term contracts, which could affect revenue stability if industrial activity declines 1.
- Residual emissions from incinerationhigh
The decarbonisation potential of incineration is limited without carbon capture, which could hinder reaching the 2040 targets 1.
- Country risk outside Europemedium
Activity in several emerging markets is exposed to economic instability, inflation and political risk, according to the Coface classifications cited by the group 1.
- Dependence on carbon pricing conditionsmedium
Achieving post-2030 targets depends on the effective implementation of carbon taxation, an element the group does not control 1.
- Maturity of capture technologieshigh
Carbon capture and storage solutions are still experimental, and delays could prevent the 2050 neutrality ambition from being met 1.
Investment thesis
What would need to be true (bull case)
- The integrated position, from collection to recovery, and high alignment with the green taxonomy could support growth in a regulatory environment favourable to the circular economy 1.
- If demand from complex industries and Asian markets develops, the group could benefit from advanced treatment technologies already in operation 1.
- SBTi certification of climate targets and the decarbonisation commitment could attract clients and sustainable finance 1.
What would break the thesis
- Dependence on industrial clients with short contracts could make revenue more volatile if the industrial cycle weakens 1.
- Technical limits of incineration and delays in capture technologies could make the decarbonisation target difficult to reach after 2030 1.
- Exposure to emerging economies with economic and political instability could weigh on margins and volumes over the medium term 1.
What to watch
- Progress against the intermediate scope 1 and 2 emissions target under SBTi2026
- Change in the share of local authorities in contributive revenue2026
- Application of carbon taxation in France and the European Union2027
- Development of international activity, particularly in Singapore and Chile2027
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 Séché Environnement group runs hazardous and non-hazardous waste treatment, material and energy recovery, and storage activities in France and several countries abroad. According to the annual report for fiscal 2025, the group had about 13 000 industrial and local authority customers in France and about 10 000 internationally 1. Its activities also include delegated public service contracts for incinerators lasting 20 to 25 years 1.
The group's strategy aims to grow industrial and international activities rather than local authority ones, whose share of revenue fell from 12 % in 2024 to about 10 % in 2025 1. Reducing greenhouse gas emissions is central to the model, with a target to cut scope 1 and 2 emissions by 25 % by 2030 versus 2020 1.
Customer relations rely largely on short-term contracts with industrial companies and multi-year contracts with local authorities, and the group seeks to strengthen recurring ties through global outsourcing offers for waste management 1.
Segments
Industry and environmental services
This segment accounts for about 90 % of contributive revenue and includes industrial clients, collectors, recyclers and cleaning companies. The top 10 clients of the segment generate 17.1 % of contributive revenue, indicating a relatively diversified customer base 1.
Local authorities
Local authorities represent about 10 % of revenue, and this share declines over time as the group directs its development toward industry and abroad. Contracts are generally multi-year, lasting 3 to 5 years, and are often delegated public service arrangements 1.
Market context
The French waste market is regulated by the European framework directive, which requires a hierarchy of treatment methods. ADEME estimates that 310 million tonnes of waste were produced in France in 2025 1. The energy transition law plans to reduce non-hazardous waste admitted to storage, which could favour operators with recovery capacity 1.
In external markets, the group looked at Singapore, where the hazardous waste market could grow at a compound annual rate of 3.1 % between 2022 and 2032, driven mainly by energy and pharmaceutical industries, although only ten operators have the technical capacity for incineration 1.
Trends
- Carbon regulation and carbon taxationtailwind
The ambition to cut emissions from 25 % to 40 % by 2040 depends on the effective application of carbon taxation. If this is strengthened, it could support investment in decarbonisation technologies 1.
- Circular economy and waste recoverytailwind
The European directive allows certain waste to leave waste status when a market exists for the recovered material. This framework could boost the group's recovered products 1.
- Growing complexity of industrial wastemixed
The pharmaceutical and semiconductor industries generate increasingly complex waste, which raises demand for advanced treatment technologies but also investment costs 1.
- Pressure on emerging economiesheadwind
In several countries where the group operates, such as South Africa and Namibia, economic growth is slowing or depends on the mining sector, which could affect industrial volumes 1.
Competitive position
Competition in waste treatment is fragmented, with local operators and international groups. In Singapore only ten players are said to have the capacity to incinerate a wide range of hazardous waste, indicating a market with high technical barriers 1.
The group differentiates itself through vertical integration from collection to recovery and storage, and through outsourcing services for industrial clients. The source document does not identify competitors listed on a US exchange 1.
- Local hazardous waste treatment operators in Singapore
The source mentions only ten operators with incineration capacity, without naming them 1.
- French waste collectors and recyclers
They are clients and partners in the value chain, but also potential competitors in the recovery segment 1.
- Non-hazardous waste storage operators
They compete in non-hazardous non-inert waste, where legal requirements are tightening 1.
- Cleaning and environmental services companies
They contribute to the group's revenue as clients and could become competitors on outsourcing contracts 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Séché Environnement · 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.