Goodwill - Semapa Sociedade de Investimento e Gestao SGPS SA (ELI:SEM)

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Price: 22.55 EUR 1.81%

Market Cap: €1.8B

Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill

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Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill Peer Comparison

Company		Goodwill	CAGR 3Y	CAGR 5Y	CAGR 10Y
S	Semapa Sociedade de Investimento e Gestao SGPS SA ELI:SEM	Goodwill €538.1m	CAGR 3-Years 17%	CAGR 5-Years 10%	CAGR 10-Years 4%
N	Navigator Company SA ELI:NVG	Goodwill €420.5m	CAGR 3-Years 4%	CAGR 5-Years 2%	CAGR 10-Years 1%
A	Altri SGPS SA ELI:ALTR	Goodwill €299.8m	CAGR 3-Years 4%	CAGR 5-Years 2%	CAGR 10-Years 1%

Semapa Sociedade de Investimento e Gestao SGPS SA
Glance View

Market Cap

1.8B EUR

Industry

Paper & Forest

Semapa Sociedade de Investimento e Gestão SGPS SA, an emblematic figure in the realm of Portuguese multifaceted investment enterprises, has masterfully woven a tapestry of industries under its corporate umbrella. Rooted in Lisbon, Semapa orchestrates a diverse portfolio spanning from paper and pulp to cement production and environmental services. Its flagship paper and pulp subsidiary, The Navigator Company, stands as a dominant force in the sector, seamlessly integrating operations from forestry to the distribution of high-quality paper products on a global scale. The synergistic prowess of this unit not only anchors Semapa but also fortifies its revenue streams through a commanding presence in international markets, where sustainable practices and innovative solutions harmonize efficiency and environmental consciousness. Simultaneously, Semapa’s investment in Secil, a pivotal name in the cement and building materials industry, fortifies its industrial footprint. Secil operates in several geographies, including Portugal, Tunisia, and Lebanon, optimizing production and capitalizing on regional construction demands. Further diversifying its interests, the group's ventures into environmental management through ETSA reflect a strategic alignment with global sustainability trends. ETSA’s focus on collecting and processing organic waste into value-added products exemplifies Semapa’s commitment to innovation and sustainability. Through a synthesis of strategic market positioning and operational resilience, Semapa continuously crafts a narrative of growth and adaptability, crafting a business model poised to thrive amidst evolving global economic landscapes.

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SEM Intrinsic Value

Undervaluation 37%

Intrinsic Value

Price

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

The AI Assistant may sometimes provide inaccurate information.

Make your own investment decisions or consult a licensed financial advisor.

Semapa Sociedade de Investimento e Gestao SGPS SA
ELI:SEM

Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill

Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill Peer Comparison

Competitors Analysis
Latest Figures & CAGR of Competitors

Semapa Sociedade de Investimento e Gestao SGPS SA
Glance View

See Also

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill?

Goodwill
538.1m EUR

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill growth rate?

Goodwill CAGR 10Y
4%

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52 Week Range	14.828 22.55
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Semapa Sociedade de Investimento e Gestao SGPS SA ELI:SEM

Semapa Sociedade de Investimento e Gestao SGPS SA Goodwill

Semapa Sociedade de Investimento e Gestao SGPS SA Goodwill Peer Comparison

Competitors Analysis Latest Figures & CAGR of Competitors

Semapa Sociedade de Investimento e Gestao SGPS SA Glance View

See Also

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill? Goodwill 538.1m EUR

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill growth rate? Goodwill CAGR 10Y 4%

Company

Help

Tools

Stocks

Semapa Sociedade de Investimento e Gestao SGPS SA
ELI:SEM

Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill

Semapa Sociedade de Investimento e Gestao SGPS SA
Goodwill Peer Comparison

Competitors Analysis
Latest Figures & CAGR of Competitors

Semapa Sociedade de Investimento e Gestao SGPS SA
Glance View

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill?

Goodwill
538.1m EUR

What is Semapa Sociedade de Investimento e Gestao SGPS SA's Goodwill growth rate?

Goodwill CAGR 10Y
4%