| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 43.69 | 384 |
| Intrinsic value (DCF) | 3.55 | -61 |
| Graham-Dodd Method | 13.33 | 48 |
| Graham Formula | 1.53 | -83 |
Poujoulat SA is a leading French manufacturer and marketer of metal smoke evacuation systems, serving residential, commercial, and industrial markets. Founded in 1950 and headquartered in Saint-Symphorien, France, the company specializes in chimney and flue systems, including single-wall and twin-wall insulated chimney systems, balanced flue systems, and industrial chimney works. Poujoulat also produces and sells firewood, wood pellets, and fire starters, catering to the growing demand for sustainable heating solutions. With a strong presence in France and exports to Germany, Switzerland, Denmark, Belgium, the UK, and other European markets, Poujoulat leverages its expertise in metal fabrication and energy-efficient heating solutions. Operating in the industrials sector, the company benefits from regulatory trends favoring energy efficiency and reduced emissions in heating systems. Poujoulat’s vertically integrated business model—spanning design, manufacturing, installation, and maintenance—positions it as a key player in Europe’s chimney and flue industry.
Poujoulat SA presents a niche investment opportunity in the European heating and chimney systems market, supported by stable demand for energy-efficient solutions. The company’s €35.2M revenue and €9.2M net income (FY 2024) reflect steady profitability, though its modest market cap (~€71.6M) and high debt-to-equity ratio (total debt €111.4M vs. cash €7.4M) warrant caution. A low beta (0.63) suggests resilience to market volatility, but reliance on European construction activity exposes it to macroeconomic risks. The dividend yield (~1.5% at a €0.36/share payout) is modest. Investors should weigh Poujoulat’s specialization against limited scalability and competitive pressures from larger HVAC players.
Poujoulat’s competitive advantage lies in its deep expertise in metal chimney systems and a vertically integrated model that controls production, installation, and maintenance. Its focus on high-quality, insulated flue systems differentiates it from generic HVAC suppliers, particularly in energy-conscious European markets. However, the company faces competition from larger multinationals with broader product portfolios and greater R&D resources. Poujoulat’s regional strength in France and select export markets provides stability but limits growth compared to global competitors. Its industrial chimney segment offers higher margins but is cyclical and project-dependent. The company’s dual focus on residential and industrial applications diversifies revenue streams, though reliance on construction activity ties performance to economic cycles. Poujoulat’s niche positioning shields it from direct competition with mass-market HVAC brands, but its smaller scale may hinder pricing power and innovation pace versus peers with larger manufacturing footprints.