| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 9.80 | -89 |
| Graham Formula | 14.96 | -84 |
Delta Plus Group is a leading global manufacturer and distributor of personal protective equipment (PPE), headquartered in Apt, France. Founded in 1977, the company specializes in head, hand, body, foot, and fall protection products, catering to industrial, construction, and safety markets worldwide. Delta Plus offers a comprehensive range of PPE, including high-tech gloves, safety eyewear, respiratory protection, workwear, and fall arrest systems. Operating in the consumer cyclical sector under the apparel, footwear, and accessories industry, Delta Plus serves a diverse clientele with a strong emphasis on workplace safety and regulatory compliance. The company’s vertically integrated business model—spanning design, manufacturing, and distribution—ensures quality control and supply chain efficiency. With a presence in multiple international markets, Delta Plus is well-positioned to capitalize on growing demand for occupational safety solutions driven by stringent workplace regulations and increasing industrial safety awareness.
Delta Plus Group presents a compelling investment case due to its established position in the global PPE market, supported by regulatory tailwinds and increasing workplace safety standards. The company’s diversified product portfolio and international footprint mitigate regional demand fluctuations. However, investors should note its moderate beta (1.30), indicating higher volatility relative to the market. While the company reported €400.1M in revenue and €31.1M in net income, its total debt of €194.8M warrants scrutiny, though it is partially offset by €37.8M in cash reserves. The generous dividend yield (€7.10 per share) may appeal to income-focused investors, but sustainability depends on maintaining profitability amid raw material cost pressures and competitive dynamics. The stock is suitable for investors seeking exposure to industrial safety with moderate risk tolerance.
Delta Plus Group competes in the fragmented global PPE market, where differentiation hinges on product innovation, regulatory compliance, and distribution reach. The company’s competitive advantage lies in its vertically integrated operations, enabling cost efficiency and quality assurance across its product lines. Its broad portfolio—spanning head-to-toe protection—allows cross-selling opportunities and reduces reliance on any single product category. However, Delta Plus faces intense competition from larger multinationals with greater R&D budgets and emerging low-cost manufacturers, particularly from Asia. Its European base provides regulatory expertise (e.g., CE certification), but this also exposes it to higher production costs compared to rivals in lower-wage regions. The company’s focus on technical PPE (e.g., fall protection) offers higher margins than commoditized products like basic gloves. To maintain its edge, Delta Plus must continue investing in high-performance materials and ergonomic designs while expanding in high-growth markets like North America and Asia-Pacific.