SAF-Holland SE

SFQ.DE

Auto - Parts · Consumer Cyclical

Price

€22.80

+0.15 (+0.66%)

Market Cap

€1.03B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

SAF-Holland SE makes parts for trucks and trailers. Its main products include axle systems, suspension systems, fifth wheels, and kingpins — the mechanical components that connect trailers to trucks and keep them rolling safely. The company sells to truck and trailer manufacturers as well as fleet operators, and it is one of the largest suppliers of these parts in the world.

SAF-Holland earns money by selling hardware components to commercial vehicle makers and through aftermarket parts sales to repair shops and fleet owners. It operates globally, with a strong presence in Europe, North America, and growing exposure in Asia and South America. The aftermarket business provides more stable revenue because trucks need replacement parts regardless of whether new vehicle sales are strong. The main risk the company faces is that demand for its products is closely tied to the commercial trucking cycle, which slows sharply during economic downturns or when freight volumes drop.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 45.4M (2021) → 45.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

22.7%

Thin — 22.7% gross margin

Profit after running costs

Operating Margin

8.3%

Modest — 8.3% operating margin

Return on the money invested

ROCE

11.8%

Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-0.4%

Shrinking sales (-0.4% YoY)

Profit growth

EPS YoY

+35.4%

Earnings growing fast (+35.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

287%

Turns 287% of profit into real cash

Spare cash per sale

FCF Margin

8.8%

Modest free cash flow (8.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.38

Elevated debt (1.38)

Covers its interest

Interest Cover

2.92x

Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.9x

Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.9 → 10.5)

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Dividends

Dividend

Dividend Yield

2.85%

Moderate income — 2.85% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+74.6%

Dividend growing fast (74.6% YoY)

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