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Sapmer SA (ALMER) Fair Value & Analysis

Consumer Defensive · FR · Market cap €25.5M

SS Sapmer SA ALMER · PA
Price€4.96
Fair Value€10.66
Upside+114.9%
Quality23/100
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Weak Growth
Loss-making · -19.5% net margin
Moderate debt · negative free cash flow
Trails peers (4/11)
Narrow moat 10/100
Evidence: Low Range €6.77 – €14.54 Share as image

Fair value as of: Jul 18, 2026

From 3 valuation models · updated 23 days ago

Share price +6.0% over the past month.

Below-average quality, screening 115% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (23/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (€6.77). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (€6.77 to €14.54) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€16.80 €4.02 Fair Value €10.66 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range €4.02 – €16.80 · fair‑value band €6.77 – €14.54 · the €4.96 price screens below the €10.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Sapmer SA (ALMER) currently trades at €4.96, while our model-based Fair Value estimate is €10.66, implying the stock looks roughly 114.9% undervalued today. The Quality Score stands at 23/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Sapmer SA generated revenue of €95.7M at a net margin of -19.1%. Revenue declined 24.1% year over year. It earns a return on equity of -58.5%. Net debt stands at €37.1M. Fundamentals as of Jul 18, 2026

Our scenario range runs from €6.77 (bear case) to €14.54 (bull case); at €4.96, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 115%, ALMER screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EV/EBITDA €10.04 €14.86 €19.69 54
NCAV (Graham) €2.02 €2.71 €4.05 50
Owner Earnings €1.19 €2.57 €4.89 31
All 3 models by family
DCF Models
Owner Earnings €1.19 €2.57 €4.89 31
Multiples
EV/EBITDA €10.04 €14.86 €19.69 54
Asset-Based
NCAV (Graham) €2.02 €2.71 €4.05 50

Widest divergence: Multiples (€14.86) versus DCF Models (€2.57). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) €93.9M
Revenue growth (YoY) -25.8%
Net margin -19.5%
Return on equity -58.5%
Free cash flow −€2.0M FY2025
Operating margin -63.1%
More key figures
EPS (TTM) €-3.07
EPS growth (YoY) -88.6%
Net debt €37.1M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 23/100

Of which business quality 23 · Market factors (momentum, volatility) 32

Profitability 14
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sapmer SA operates as a fishing company in France. The company offers Patagonian toothfish, saint paul rock lobster, and tropical tuna products. It serves wholesalers, hotels/restaurants, and individuals. Sapmer SA was founded in 1947 and is headquartered in Le Port, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sapmer SA reported revenue of €93.9M in FY2025 versus €148M in FY2021, a compound −10.7%/yr. Reported net income was −€18.3M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€93.9M
Latest YoY
−8.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−16.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.6%
Avg. growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Revenue −10.7%/yr
FY21 €148M
FY22 €163M
FY23 €142M
FY24 €103M
FY25 €93.9M
Net income
FY21 −€8.4M
FY22 €5.8M
FY23 −€30.8M
FY24 −€900K
FY25 −€18.3M

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Cite: Fair Value Calculator (2026). "Sapmer SA Fair Value". https://www.fairvalue-calculator.com/stock/ALMER

Peer Group

Packaged Foods · 649 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 23 · Bottom 25%
Fair Value upside +115% · Top 25%
Return on assets -11% · Bottom 25%
Net margin (TTM) -19% · Bottom 25%
Operating margin (TTM) -63% · Bottom 25%
Revenue growth -26% · Bottom 25%
Debt / equity 1.29× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/B 1.19× · Cheaper than median
P/S (TTM) 0.31× · Cheaper than median
EV/EBITDA 5.9× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 28
FUTURE 0 · sector 20
PAST 0 · sector 27
HEALTH 36 · sector 96
DIVIDEND 0 · sector 47

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Sapmer SA (ALMER) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €10.66 versus a price of €4.96, about +115% (undervalued).
What is the fair value of ALMER?
Our model-based fair value for Sapmer SA is €10.66 (as of Jul 18, 2026), built from audited fundamentals. The current price is €4.96.
What is the quality score of ALMER?
Sapmer SA has a Quality Score of 23/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sapmer SA (ALMER)?
Sapmer SA reported trailing-twelve-month revenue of about €95.7M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ALMER?
The net profit margin of Sapmer SA is about -19.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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