olivLaw · European equity research
SMCP SMCP.PA
France · Euronext Paris · ISIN FR0013214145 · Vertical: Listed companies from France
SMCP is a French fashion group that owns brands such as Sandro, Maje, Claudie Pierlot and the former Fursac, selling through its own stores and distributors. Profitability improved markedly in 2025, and the group guided to a further rise in its operating margin for 2026 while it continues to reduce debt.
At the close of 05 Nov 2026, SMCP (SMCP.PA) stock was 4.08 EUR (−3.18% on the day), with market capitalisation 322.8 m EUR, P/E 19.4 on diluted EPS of 0.21 EUR over the last 12 months, beta 1.11, 52-week range 3.82–7.02 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)
- 31.6
- weak (30–45)
- Bollinger (20, 2)
- 3.17 – 6.28
- in the lower half of the band · %B 0.29 · band width 65.7%
- SMA 50 / 200
- 5.68 / 5.65
- mixed trend
- MACD (12, 26, 9)
- -0.51 / -0.50
- 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 | −28.0% | −0.6% | −27.3 pp | — |
| 3 months | −38.4% | −4.2% | −34.2 pp | — |
| 6 months | −20.9% | +4.3% | −25.2 pp | — |
| Year to date | −35.0% | +7.5% | −42.5 pp | — |
| 1 year | −30.4% | +9.9% | −40.3 pp | −6.8% |
| 3 years | +14.2% | +49.8% | −35.6 pp | −15.9% |
| 5 years | −48.8% | +42.8% | −91.6 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 0 percentile of its own 2-quarter history (min 24.4, median 27.2, max 29.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | −1.5% | +0.5% |
| Net income | 11.2 m | -23.6 m | 16.6 m |
| Net income YoY | unavailable | −310.7% | unavailable |
| Diluted EPS | 0.14 | -0.31 | 0.21 |
| Diluted EPS YoY | unavailable | −321.4% | unavailable |
| net % | 0.9% | -1.9% | 1.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.4 m EUR
- Financial debt
- 90.5 m EUR
- Net debt
- 43.1 m EUR
- Equity
- 1.2 bn EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- 0.08x
- Current ratio
- 0.91x
- ROE
- 1.4%
- ROA
- 0.7%
- 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 | 1.2 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Operating income | 50.5 m | 16.0 m | 60.4 m | esef· 15 Apr 2026verified |
| Pre-tax income | 22.6 m | -16.4 m | 30.7 m | esef· 15 Apr 2026verified |
| Income tax | 11.4 m | 7.2 m | 14.1 m | esef· 15 Apr 2026verified |
| Net income | 11.2 m | -23.6 m | 16.6 m | esef· 15 Apr 2026verified |
| Diluted EPS | 0.14 | -0.31 | 0.21 | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 50.9 m | 48.5 m | 47.4 m | esef· 15 Apr 2026verified |
| Current assets | 470.1 m | 428.5 m | 380.9 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 83.1 m | 79.7 m | 70.8 m | esef· 15 Apr 2026verified |
| Goodwill | 626.7 m | 604.3 m | 585.5 m | esef· 15 Apr 2026verified |
| Total assets | 2.4 bn | 2.3 bn | 2.1 bn | esef· 15 Apr 2026verified |
| Long-term debt | 223.5 m | 158.7 m | 90.5 m | esef· 15 Apr 2026verified |
| Current liabilities | 468.9 m | 458.8 m | 419.9 m | esef· 15 Apr 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 74.7 m | 76.1 m | 79.0 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 211.4 m | 233.9 m | 253.2 m | esef· 15 Apr 2026verified |
| Investing cash flow | -57.3 m | -38.8 m | -28.0 m | esef· 15 Apr 2026verified |
| Financing cash flow | -191.3 m | -202.6 m | -208.4 m | esef· 15 Apr 2026verified |
| Share repurchases | 2.4 m | 400.0 k | 1.3 m | esef· 15 Apr 2026verified |
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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 322.8 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 2.33 – 6.26 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/E2.33 – 6.26 (Mid 3.60)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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.6% | 24 (vs peers) | 28% |
| Net margin · Quality | 1.4% | 51 (vs peers) | 17% |
| 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 | 0.9x | 9 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 19.4x | 48 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial9/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation· partial48/100 · 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
SMCP (SMCP.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2025; YoY growth 0.5%; net margin 1.4%; ROE 1.4%.
The estimated value range is 2.33–6.26 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.60 EUR, the price of 4.08 EUR leaves a potential of -11.9% (value / price − 1) and a margin of safety of -13.5% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: 2.6%
- Current ratio: 0.9x
- Shareholder yield (distributions): 0.4%
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, 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% |
| SMCP.PASmcp | 322.8 m | 19.4 | 1.4% | 1.4% | +0.5% | −35% / +18% |
| 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 SMCP.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 | 2.32 Total return -43% · Per year -43% | 4.10 Total return 0% · Per year 0% | 6.19 Total return 52% · Per year 52% |
| 3 years | 2.07 Total return -49% · Per year -20% | 4.14 Total return 1% · Per year 0% | 6.89 Total return 69% · Per year 19% |
| 5 years | 1.85 Total return -55% · Per year -15% | 4.18 Total return 2% · Per year 0% | 7.66 Total return 88% · Per year 13% |
- Exit P/E± 1.04
- Net margin± 0.72
- Annual revenue growth± 0.62
- Annual dilution± 0.06
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
SMCP is a French fashion group that owns brands such as Sandro, Maje, Claudie Pierlot and the former Fursac, selling through its own stores and distributors. Profitability improved markedly in 2025, and the group guided to a further rise in its operating margin for 2026 while it continues to reduce debt.
SWOT
Strengths
- A portfolio of brands with recognition in France and other European and Asian markets, which supports relatively stable pricing.
- A diversified global network combining owned stores and distributors, which reduces dependence on any single geographic area.
- Improved profitability in 2025 and rising operating cash generation, which supports debt reduction.
Weaknesses
- High fixed costs for stores and rents, which amplify the effect of falling sales.
- Financial and lease debt remains significant, limiting flexibility during periods of weak demand.
- Indirect emissions (scope 3) dominate the carbon footprint, and reducing them depends on a supply chain the group only partly controls.
Opportunities
- The operating margin increase guided for the second half of 2026 could strengthen investor confidence if delivered.
- Growth in markets served through local distributors could add sales without major investment in retail space.
- Use of recycled raw materials and certifications could reduce cost exposure and support brand image.
Threats
- Macroeconomic and geopolitical uncertainty could reduce consumer spending on clothing.
- A possible carbon tax on textiles in Europe could raise production costs.
- Competitive pressure from online fashion and mass-market chains could erode market share and margins.
Risks
- Dependence on discretionary spendinghigh
A fall in clothing spending could reduce store sales and weigh on revenue. The effect would be larger if fixed costs stay high.
- Debt and lease obligationsmedium
Financial and lease debt absorbs part of the cash generated. If cash flow declines, debt reduction could slow.
- Climate and supply risksmedium
Disruption to cotton production and to factories in Asia or North Africa could raise costs. The report judges these risks manageable through diversification, but they remain relevant.
- Data and consumer protection rulesmedium
Penalties under GDPR and consumer rules can be substantial. Poor handling of customer data could damage reputation.
- Energy and transport costslow
Higher energy prices in stores and factories, as well as reliance on air freight, could affect operating and delivery costs.
Investment thesis
What would need to be true (bull case)
- If the operating margin reaches the level guided for the second half of 2026, profitability could show a sustained improving trend over several years.
- The combined network of owned stores and distributors could allow expansion into new markets with limited investment, supporting sales growth.
- Operating cash generation and debt reduction could give the company more flexibility in difficult periods.
What would break the thesis
- If demand for clothing stays weak, revenue could stagnate and fixed costs could limit margin improvement.
- Remaining debt and rental obligations could restrict the group's capacity to invest or absorb shocks.
- Introduction of carbon taxes or stricter rules on textile products could raise costs faster than they can be passed on to prices.
What to watch
- Delivery of the adjusted operating margin of about 10% in the second halfH2 2026
- Generation of about 50 million euros of free cash flow, excluding exceptional costs2026
- Development of financial and lease debt and progress in reducing itnext annual report
- Progress toward the SBTi-validated target for absolute emissions reduction (scopes 1, 2 and 3)2030
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 SMCP group designs, distributes and sells clothing and accessories through brands such as Sandro, Maje, Claudie Pierlot and Fursac. Consolidated revenue for fiscal 2025 was 1217.4 million euros 1, slightly above the 2024 level. The network combines directly operated stores with sales through local distributors in other countries.
Revenue recognition depends on sales in owned stores and on deliveries to distributors, while personnel costs and rents (in the form of right-of-use assets) make up a major part of the cost base. The company reports in euros and consolidates foreign activities through currency translation.
The financial structure is dominated by brand and goodwill assets from acquisitions, along with financial and lease liabilities, which are being reduced according to the company's communication 1.
Segments
Accessible luxury brands
Sandro, Maje and Claudie Pierlot form the core of the portfolio and are sold through the group's own store network and digital channels. Based on the annual report, these brands account for the majority of group sales.
Third-party distribution
Sales through local distributors, especially in countries where the group does not operate directly, complement the owned network and allow expansion without large investment in retail space.
Fursac
The Fursac brand, integrated into the group, plays a smaller role in the portfolio and is referenced in the report in connection with Sunday opening rules in France.
Market context
SMCP operates in the niche women's and men's fashion segment, with prices positioned between mass-market chains and high-end luxury. Its main markets are France, Europe and Asia, and the annual report stresses geographic diversification as a strategic priority.
The retail environment remains marked by persistent uncertainty driven by macroeconomic, political, geopolitical and health factors, according to company management 1. Pressures on energy and raw material costs affect margins across the sector.
Trends
- Cautious consumer demandmixed
Macroeconomic uncertainty could limit discretionary spending on clothing, which could weigh on store volumes. If demand stabilises, the plan to grow market share could become easier to achieve.
- Consumer and data protection rulesheadwind
European and national rules on withdrawal rights, product warranties and personal data protection raise compliance costs, but may also strengthen customer confidence in online channels.
- Climate policy and textile taxationheadwind
The company flags a possible carbon tax on textile products in Europe. If introduced, it could raise production costs, but the group has set targets validated by SBTi that may help it adapt.
- Operational efficiency and cost reductiontailwind
Systematic review of cost lines and inventory management are treated as levers for margin improvement, in a context where self-financing capacity rose in 2025.
Competitive position
Competition comes from accessible-fashion and accessible-luxury chains, which run similar store networks and online channels, as well as niche brands competing on design and exclusivity. The annual report does not detail direct competitors, so the comparison remains qualitative.
The group's advantage rests on brand recognition and an international network of owned stores, but price and marketing pressure across the sector could narrow that gap. Long-term competitiveness depends on keeping the brands desirable.
- International accessible-fashion chains
Compete on volume, price and broad store networks, often backed by strong online platforms.
- European accessible-luxury brands
Target the same urban clientele and design positioning, with an emphasis on seasonal collections.
- Niche fashion houses
Compete through exclusivity and brand identity, at similar price points.
- Fashion retailers with dominant online platforms
Can attract customers through wide assortment and fast delivery, reducing reliance on physical stores.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SMCP · 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.