WinstonWınston
Stock

Sipef N.V.

0JSU.L
76
Agricultural Farm Products · Consumer Defensive
Price
107.40 GBp
+1.00 (+0.94%)
Market Cap
£1.12B
Exchange
London Stock Exchange
Winston Score
76
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
25/30
Growth
Good
12/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

76 of 100 counted points = Winston Score 76.

§Winston Score History

The full picture

Sipef N.V. is a Belgian agricultural company that grows tropical crops on large plantations. Its main product is palm oil, which is used in food, soap, cosmetics, and many packaged goods. The company also grows rubber, tea, and bananas, and sells mostly to industrial buyers and food manufacturers around the world.

Sipef makes money by harvesting and selling these raw agricultural commodities at market prices. Most of its plantations are located in Indonesia and Papua New Guinea, with smaller operations in Ivory Coast. The company is mid-sized with a market cap around $1 billion, and its competitive edge comes from owning and operating its own land, which gives it direct control over production costs and quality. The biggest risk Sipef faces is that palm oil prices are set by global commodity markets, meaning profits can swing sharply when prices fall, and the company also faces growing pressure from sustainability regulations targeting palm oil production.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+2.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

54.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$164M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Sipef N.V. is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

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: 10.4M (2021) → 10.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
42.0%
Healthy — 42.0% gross margin
Profit after running costs
Operating Margin
31.8%
Excellent — 31.8% operating margin
Return on the money invested
ROCE
20.4%
Exceptional — 20.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+27.9%
Fast-growing sales (+27.9% YoY)
Profit growth
EPS YoY
+29.3%
Earnings growing fast (+29.3% 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
163%
Turns 163% of profit into real cash
Spare cash per sale
FCF Margin
20.0%
Converts sales into free cash efficiently (20.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
118.55x
Comfortably covers interest (118.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.7x
Attractive valuation — P/E 9.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-1.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.87%
Moderate income — 2.87% yield

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

Dividend record
Dividend Growth
+220.5%
Dividend growing fast (220.5% YoY)

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