olivLaw · European equity research
SIPEF SIP.BR
Belgium · Euronext Brussels · ISIN BE0003898187 · Vertical: Listed companies from Belgium
SIPEF is a tropical agricultural group active in banana production in Côte d'Ivoire and palm oil in Indonesia and Papua New Guinea. In 2024 banana production grew, and demand for palm oil and palm kernel oil was supported by higher prices and biodiesel demand, making the group relevant to shifting agricultural markets.
At the close of 05 Nov 2026, SIPEF (SIP.BR) stock was 109.40 EUR (−1.08% on the day), with beta 0.16, 52-week range 77.20–112.60 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)
- 50.5
- neutral
- Bollinger (20, 2)
- 107.98 – 112.40
- in the lower half of the band · %B 0.32 · band width 4.0%
- SMA 50 / 200
- 108.17 / 96.95
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.67 / 0.90
- MACD below 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 | +0.9% | −0.6% | +1.6 pp | — |
| 3 months | +20.1% | −4.2% | +24.3 pp | — |
| 6 months | +9.6% | +4.3% | +5.3 pp | — |
| Year to date | +34.7% | +7.5% | +27.2 pp | — |
| 1 year | +41.3% | +9.9% | +31.4 pp | +6.3% |
| 3 years | +108.0% | +49.8% | +58.1 pp | −6.5% |
| 5 years | +86.1% | +42.8% | +43.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 443.9 m | 443.8 m |
| Revenue YoY | unavailable | −0.0% |
| Net income | 72.7 m | 65.8 m |
| Net income YoY | unavailable | −9.5% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 16.4% | 14.8% |
| Free cash flow | 48.2 m | 77.9 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 19.9 m USD
- Financial debt
- 0 USD
- Net debt
- -19.9 m USD
- Equity
- 935.8 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 1.63x
- ROE
- 7.2%
- ROA
- 6.0%
- FCF margin
- 17.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 443.9 m | 443.8 m | esef· 07 May 2025verified |
| Cost of revenue | 294.4 m | 286.6 m | esef· 07 May 2025verified |
| Gross profit | 149.7 m | 159.6 m | esef· 07 May 2025verified |
| Operating income | 108.0 m | 104.1 m | esef· 07 May 2025verified |
| Interest expense | 2.1 m | 3.0 m | esef· 07 May 2025verified |
| Pre-tax income | 108.8 m | 97.5 m | esef· 07 May 2025verified |
| Income tax | 31.1 m | 25.9 m | esef· 07 May 2025verified |
| Net income | 72.7 m | 65.8 m | esef· 07 May 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 11.5 m | 19.9 m | esef· 07 May 2025verified |
| Receivables | 79.4 m | 80.2 m | esef· 07 May 2025verified |
| Inventories | 47.2 m | 46.1 m | esef· 07 May 2025verified |
| Current assets | 172.4 m | 176.4 m | esef· 07 May 2025verified |
| Goodwill | 104.8 m | 104.8 m | esef· 07 May 2025verified |
| Intangibles (excl. goodwill) | 138.0 k | 119.0 k | esef· 07 May 2025verified |
| Total assets | 1.1 bn | 1.1 bn | esef· 07 May 2025verified |
| Accounts payable | 55.1 m | 59.4 m | esef· 07 May 2025verified |
| Short-term debt | 18.0 m | 0 | esef· 07 May 2025verified |
| Current liabilities | 113.0 m | 108.2 m | esef· 07 May 2025verified |
| Equity | 888.8 m | 935.8 m | esef· 07 May 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 122.6 m | 133.0 m | esef· 07 May 2025verified |
| Capex | 74.4 m | 55.2 m | esef· 07 May 2025verified |
| Free cash flow | 48.2 m ≈ | 77.9 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | -116.8 m | -94.7 m | esef· 07 May 2025verified |
| Financing cash flow | -38.6 m | -30.0 m | esef· 07 May 2025verified |
| Share repurchases | 701.0 k | 118.0 k | esef· 07 May 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.4% | 52 (vs peers) | 31% |
| Net margin · Quality | 14.8% | 92 (vs peers) | 19% |
| FCF conversion · Quality | 118.3% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 35.3x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet88/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SIPEF (SIP.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 443.8 m USD in 2024; YoY growth -0.0%; net margin 14.8%; ROE 7.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.8%
- FCF conversion: 118.3%
- Interest coverage: 35.3x
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): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
| HYL.BRHyloris Pharmaceuticals | 96.4 m | — | -21.6% | -87.9% | −14.8% | −42% / −69% |
1- and 3-year price returns: for SIP.BR 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
Scenarios are not available. input data missing
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
SIPEF is a tropical agricultural group active in banana production in Côte d'Ivoire and palm oil in Indonesia and Papua New Guinea. In 2024 banana production grew, and demand for palm oil and palm kernel oil was supported by higher prices and biodiesel demand, making the group relevant to shifting agricultural markets 1.
SWOT
Strengths
- The group controls the whole chain, from plantation to packing station, allowing strict quality control. Annual fixed-price contracts with European customers provide stability 1.
- New plantations showed high yields, and investments in packing stations increased capacity and efficiency 1.
- Certified and traceable palm oil products allow premiums from customers who follow responsible purchasing principles 1.
Weaknesses
- Historic plantations Motobé and Azaguié had yields below expectations, showing exposure of some sites to agronomic problems 1.
- Two of the oldest packing stations need modernisation, and the Akoudié plantation was delayed by unavailable land 1.
- Reliance on a few geographic areas in Côte d'Ivoire and Indonesia increases exposure to local climatic and political risks 1.
Opportunities
- Strong demand for European bananas and growing EU consumption could support export volumes from Côte d'Ivoire 1.
- Regional West African markets can absorb bananas that do not meet strict European specifications, and shorter transport allows riper fruit 1.
- Carbon markets and land valuation for conservation could bring extra revenue from forestry and restoration projects 1.
Threats
- Diseases such as black Sigatoka and a possible introduction of Panama disease (TR4) could severely affect banana production 1.
- New European rules such as EUDR could raise compliance costs and change market conditions 1.
- Land-use restrictions and carbon prices set by third parties could limit long-term growth in palm oil operations 1.
Risks
- Climate riskhigh
Extreme heat and drought can reduce plantation yields, and flooding can affect whole areas. The group identified short- and medium-term risks for Papua New Guinea and Côte d'Ivoire 1.
- Plant diseasehigh
Black Sigatoka remains the main agronomic risk for banana plants, and the arrival of Panama disease could destroy plantations. Integrated pest management and drone spraying reduce but do not eliminate this risk 1.
- Palm oil regulationmedium
EUDR and traceability requirements could change premiums for certified oil and raise administrative costs. The implementation timeline was postponed but remains uncertain 1.
- Oil price volatilitymedium
CPO and PKO prices were influenced by Indonesian supply, biodiesel demand and diesel prices. Sudden changes in these factors could affect margins 1.
- Land-use restrictionslow
Limits on expanding plantations and carbon prices could constrain long-term growth plans, especially for palm oil operations 1.
Investment thesis
What would need to be true (bull case)
- Higher yields on newer plantations and higher packing volumes could support solid growth in banana exports in the coming years 1.
- Supply deficits in Indonesia and steady biodiesel demand could keep palm oil and PKO prices at favourable levels 1.
- European customers who value traceability and certification could pay premiums for the group's products, which could improve margins 1.
What would break the thesis
- If climate risks become more frequent, yields on historic plantations could remain below expectations and irrigation costs could rise 1.
- An outbreak of diseases such as Panama disease could severely affect banana output and reduce revenue from this segment 1.
- If biodiesel demand weakens or regulations create extra costs, palm oil prices could fall 1.
What to watch
- Completion of the FFB loading platform extension at NavoQ2 2025
- Replanting of the Akoudié plantationearly 2025
- Effects of agronomic measures on the Motobé and Azaguié plantations2027
- Implementation of EUDR and its impact on premiums for certified oil2026
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
SIPEF operates in two main segments: bananas, through its subsidiary Plantations J. Eglin in Côte d'Ivoire, and palm oil, with operations in Indonesia and Papua New Guinea. The group controls production from plantations to packing stations, allowing it to supply European and British customers with products meeting strict specifications 1.
In 2024 total banana exports were supported by higher yields on newer plantations, especially Lumen and Akoudié, where yields rose sharply. Packing stations were supplemented with efficiency investments, while two of the oldest still need modernisation 1.
In palm oil, SIPEF sells entirely on local markets in Indonesia and Europe, to refiners supplying the food, oleochemical and biofuel industries. Customers preferring certified and traceable products are willing to pay a premium, and the group invests in biogas and renewable energy 1.
Segments
Palm oil
The palm oil segment sells CPO and PKO on markets in Indonesia and Europe. Prices rose in 2024, partly due to lower Indonesian output, and the EU EUDR regulation, scheduled for 2026, adds a requirement beyond RSPO certification 1.
Market context
The European banana market grew in 2024, and climate phenomena such as El Niño reduced supply from Central America and West Africa, steering sales toward the US. Annual fixed-price contracts with European customers shield the group from international price volatility 1.
In palm oil, lower supply from Indonesia and biodiesel demand supported prices, while Malaysian output grew slightly. The regulatory framework, including EUDR, remains a source of uncertainty for premiums on certified oil 1.
Trends
- Extreme climateheadwind
Heat and drought in 2024 raised irrigation needs and reduced yields on some plantations, and river flood risk on the Comoé was real. If these became more frequent, they could affect production over the medium term 1.
- Biodiesel demandmixed
Rising blending mandates for biodiesel in Indonesia, the US and Brazil support demand for palm oil. However, the price gap between vegetable oils and diesel reached record levels, creating hesitation in some segments 1.
- EUDR regulationmixed
The European deforestation regulation adds traceability requirements on top of RSPO certification. Companies preparing early could win premiums for compliant products, but compliance costs could rise 1.
- Declining Indonesian outputtailwind
Palm oil output in Indonesia fell sharply, due to ageing plantings and insufficient replanting. If this trend continues, global supply could stay tight and support prices 1.
Competitive position
In bananas, SIPEF competes with other exporters in Côte d'Ivoire and with producers in Central America and Ecuador, the main suppliers to European and American markets. Ecuador gained share in the US market in 2024 amid the Central American shortfall 1.
In palm oil, the group competes with producers in Indonesia and Malaysia, where large integrated plantations hold significant market shares. Differentiation through traceability and certification is the main positioning tool 1.
- Ecuadorian banana exporters
Ecuador increased shipments to the US sharply in 2024, becoming the second supplier after Guatemala 1.
- Central American banana producers
Guatemala, Honduras and Mexico had lower harvests due to heat, opening markets for other suppliers 1.
- Other banana exporters in Côte d'Ivoire
The company is one of the three main players in Cavendish banana exports from Côte d'Ivoire 1.
- Palm oil producers in Indonesia and Malaysia
Large integrated plantations in these countries dominate global supply and directly influence CPO prices 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / SIPEF · 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.