olivLaw · European equity research
STEF STF.PA
France · Euronext Paris · ISIN FR0000064271 · Vertical: Listed companies from France
STEF is a European transport and logistics group for food products in the cold chain, active from France to Portugal and Italy, with a network of over two hundred sites. The year 2020 was marked by the health crisis, which strongly affected the food service channel and distribution patterns, and the group responded with continued investment in warehouses and digitalisation.
At the close of 05 Nov 2026, STEF (STF.PA) stock was 131.20 EUR (−1.35% on the day), with market capitalisation 1.6 bn EUR, P/E 22.4 on diluted EPS of 5.86 EUR over the last 12 months, beta 0.32, 52-week range 114.80–137.00 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)
- 67.1
- strong (55–70)
- Bollinger (20, 2)
- 114.13 – 132.19
- in the upper half of the band · %B 0.95 · band width 14.7%
- SMA 50 / 200
- 124.19 / 122.60
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.96 / 0.44
- 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 | +10.3% | −0.6% | +10.9 pp | — |
| 3 months | −2.2% | −4.2% | +1.9 pp | — |
| 6 months | +12.3% | +4.3% | +8.0 pp | — |
| Year to date | −0.2% | +7.5% | −7.7 pp | — |
| 1 year | +9.9% | +9.9% | −0.0 pp | −6.8% |
| 3 years | +24.2% | +49.8% | −25.6 pp | −15.9% |
| 5 years | +21.5% | +42.8% | −21.3 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 2-quarter history (min 9.9, median 11.2, max 12.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 |
|---|---|---|
| Revenue | 3.4 bn | 3.1 bn |
| Revenue YoY | unavailable | −8.6% |
| Net income | 100.3 m | 72.8 m |
| Net income YoY | unavailable | −27.5% |
| Diluted EPS | 8.10 | 5.86 |
| Diluted EPS YoY | unavailable | −27.7% |
| net % | 2.9% | 2.3% |
| Free cash flow | 114.6 m | 16.6 m |
Balance sheet & financial health
Fiscal year 2020 · 31 Dec 2020
- Cash
- 54.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 817.8 m EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.65x
- ROE
- 9.2%
- ROA
- 2.8%
- FCF margin
- 0.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.4 bn | 3.1 bn | esef· 18 May 2021verified |
| Operating income | 162.9 m | 116.9 m | esef· 18 May 2021verified |
| Depreciation & amortisation | 168.7 m | 174.3 m | esef· 18 May 2021verified |
| EBITDA | 331.6 m ≈ | 291.2 m ≈ | esef· 18 May 2021derived |
| Interest expense | 9.4 m | 8.6 m | esef· 18 May 2021verified |
| Income tax | 55.4 m | 42.2 m | esef· 18 May 2021verified |
| Net income | 100.3 m | 72.8 m | esef· 18 May 2021verified |
| Diluted EPS | 8.10 | 5.86 | esef· 18 May 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Cash | 61.2 m | 54.4 m | esef· 18 May 2021verified |
| Inventories | 74.3 m | 81.2 m | esef· 18 May 2021verified |
| Current assets | 809.8 m | 796.7 m | esef· 18 May 2021verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | esef· 18 May 2021verified |
| Goodwill | 203.8 m | 206.2 m | esef· 18 May 2021verified |
| Intangibles (excl. goodwill) | 18.1 m | 13.8 m | esef· 18 May 2021verified |
| Total assets | 2.5 bn | 2.6 bn | esef· 18 May 2021verified |
| Current liabilities | 1.2 bn | 1.2 bn | esef· 18 May 2021verified |
| Equity | 760.7 m | 817.8 m | esef· 18 May 2021verified |
| Shares outstanding at year end | 12.4 m | 12.4 m | esef· 18 May 2021derived |
Cash flow · EUR
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 265.1 m | 221.5 m | esef· 18 May 2021verified |
| Capex | 150.5 m | 204.9 m | esef· 18 May 2021verified |
| Free cash flow | 114.6 m ≈ | 16.6 m ≈ | esef· 18 May 2021derived |
| Investing cash flow | -159.4 m | -233.1 m | esef· 18 May 2021verified |
| Financing cash flow | -112.0 m | -19.7 m | esef· 18 May 2021verified |
≈ 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 65.00 – 174.63 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E65.00 – 174.63 (Mid 100.39)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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.3% | 67 (vs peers) | 15% |
| FCF conversion · Quality | 22.8% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.6x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 22.4x | 43 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.0% | 13 (on a fixed band) | 20% |
| 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 sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation30/100 · 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
STEF (STF.PA). Latest full fiscal year: 2020; data up to 2020-12-31.
Figures computed from the financial statements: revenue 3.1 bn EUR in 2020; YoY growth -8.6%; net margin 2.3%; ROE 9.2%.
The estimated value range is 65.00–174.63 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 100.39 EUR, the price of 131.20 EUR leaves a potential of -23.5% (value / price − 1) and a margin of safety of -30.7% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 13.6x
What contradicts it
- FCF conversion: 22.8%
- Current ratio: 0.6x
- FCF yield: 1.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| STF.PAStef | 1.6 bn | 22.4 | 9.2% | 2.3% | −8.6% | +9% / +25% |
| 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% |
| 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 STF.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 | 70.39 Total return -46% · Per year -46% | 125.07 Total return -5% · Per year -5% | 189.24 Total return 44% · Per year 44% |
| 3 years | 55.89 Total return -57% · Per year -25% | 112.87 Total return -14% · Per year -5% | 189.24 Total return 44% · Per year 13% |
| 5 years | 44.38 Total return -66% · Per year -19% | 101.87 Total return -22% · Per year -5% | 189.24 Total return 44% · Per year 8% |
- Exit P/E± 28.22
- Net margin± 19.75
- Annual revenue growth± 17.84
- Annual dilution± 1.66
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
STEF is a European transport and logistics group for food products in the cold chain, active from France to Portugal and Italy, with a network of over two hundred sites. The year 2020 was marked by the health crisis, which strongly affected the food service channel and distribution patterns, and the group responded with continued investment in warehouses and digitalisation.
SWOT
Strengths
- Extensive network of temperature-controlled sites in several European countries, providing geographic coverage and operational continuity.
- Vertical integration through the property and IT subsidiaries, giving control over assets, maintenance and tracking systems.
- A history of more than a century and a formalised commitment to social and environmental responsibility.
Weaknesses
- The maritime activity depends on public service delegations and was heavily affected by restrictions in 2020.
- Intensive investment in construction and solar power could pressure short-term cash flow.
- Exposure to the out-of-home dining channel made 2020 difficult for the groupage segment.
Opportunities
- Growth in home food delivery could support demand for refrigerated storage and transport.
- The new Tangier maritime line could help reduce losses in the maritime unit.
- Process digitalisation and warehouse automation could improve productivity and margins.
Threats
- A slow recovery in out-of-home dining could keep volumes below pre-crisis levels.
- Stricter environmental requirements could raise operating and investment costs.
- Loss or non-renewal of public service delegations could significantly reduce maritime activity.
Risks
- Dependence on the maritime unitmedium
The subsidiary La Méridionale suffered losses linked to a public service delegation and to health restrictions. If maritime results do not improve, they could weigh on group earnings.
- Exposure to the health crisishigh
Restaurant closures and shifts in consumption affected volumes in 2020. A new disruption could again reduce activity in certain segments.
- Investment and environmental costsmedium
The construction and solar programme requires considerable capital. If investment returns are delayed, margin pressure could increase.
- Price competition pressuremedium
Regional and generalist operators may compete for the same distribution clients. If prices fall, group margins could be limited.
- Operational risks in the cold chainlow
Any interruption of temperature control can cause product losses and legal liability. Controls and training reduce, but do not eliminate, this risk.
Investment thesis
What would need to be true (bull case)
- The dense site network and vertical integration could allow the group to benefit from growth in food delivery and digitalisation.
- If the maritime unit returns to profitability through the new Tangier line, group earnings could benefit from a more balanced base.
- Investment in automation and proprietary tracking systems could improve productivity over the medium term.
What would break the thesis
- If out-of-home dining does not recover, groupage volumes could remain below pre-crisis levels.
- Dependence on public service delegations in the maritime unit could expose the group to new losses if contracts are not renewed.
- The intensive investment programme could limit cash available for distribution if demand slows.
What to watch
- Revenue and result trend of the maritime unit after the Marseille-Tangier line launch2021
- Outcome of the public service tenders for Corsica routes2021
- Pace of out-of-home dining recovery and groupage volumesnext annual report
- Commissioning of the new Italian and French sites and solar plants2021
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 STEF group provides transport and logistics for food products at every stage of the cold chain, from producers to distributors, restaurants and consumers. Its business model rests on groupage, meaning the consolidation of small shipments into efficient routes, supported by an extensive network of temperature-controlled sites. Its stated purpose is to guarantee durable and safe access to diverse food products.
In 2020 the group operated 246 sites, with a total storage volume of 9.85 million m3 1. Its property portfolio is managed through the subsidiary IMMOSTEF, which coordinates acquisitions, construction and maintenance, while STEF IT provides information systems for transport and warehousing.
The group also includes the maritime unit La Méridionale, which serves the Marseille-Corsica link, and a new line to Tangier opened in December 2020. The maritime activity was the most affected by the crisis, with revenue down -39.8% in 2020 1.
Segments
Cold chain transport and logistics (Flux Frais, Surgelé, Sec)
This is the core of the business, covering transport and storage of fresh, frozen and dry products for distributors and food service. Extensions in Portugal and Italy show the direction of growth in fresh-product transport areas.
Maritime (La Méridionale)
The maritime subsidiary carries passengers and freight between Marseille and Corsica with four mixed roll-on roll-off ships. Activity was hit by the loss of certain ports under the public service delegation and by health restrictions in 2020 1.
Market context
The European cold-chain logistics market depends on food consumption, distribution channels and out-of-home dining. The health crisis accelerated the shift toward home delivery and less processed products, changing supply circuits 1.
Demand depends on the online food retail sector, mass storage and international flows of products. The group considers these segments diversified, which could limit the impact of a decline in any single channel.
Trends
- Acceleration of online food retailtailwind
Home deliveries rose during the crisis and the group adapted its offers to new customer needs. If this trend persists, it could support transport and storage volumes.
- Digitalisation of the supply chaintailwind
The group emphasises digital transformation, with delivery tracking applications, artificial-intelligence scheduling and sensor-based monitoring of refrigeration installations.
- Lower out-of-home dining volumesheadwind
The closure of food service channels in 2020 reduced volumes for products intended for this channel, adding pressure on the groupage activity.
- Environmental requirements and emission reductionmixed
Investments in solar power and particulate filters can reduce environmental impact, but they require capital that may weigh on short-term returns.
Competitive position
Competition in European cold-chain logistics includes generalist operators and regional specialists, who compete on warehouse networks, route density and temperature-controlled service quality. The analysed sources do not identify competitors in detail, so the list below is limited to the information available.
The group's advantage against competitors lies in its dense network of sites across several countries and in its vertical integration through property and IT. If competitors were to replicate these assets, price pressure could increase.
- Regional cold-chain logistics operators in Europe
Local competitors in France, Italy and Iberia, identified only generically in the analysed sources.
- Maritime transport operators on the Marseille-Corsica route
Competition for passengers and freight on Mediterranean routes, linked to public service delegations.
- Food warehousing providers with integrated services
Companies offering storage and distribution in the same geographic areas, competing for the same distribution clients.
- Generalist logistics platforms with refrigerated divisions
Operators with broader portfolios that may compete in specific cold-chain segments.
News & filings
In the press
- „ Ironii cu STEF la Centrul de Creație BrăilaSurge — GDELT DOC · 15 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202018 May 2021
Sources
- [1] Annual report, fiscal year ended 2020-12-31 (ESEF) · SEC / STEF · 31 Dec 2020
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.