Integration of the 2017 accounts
The DCF valuation which is highly theoretical at present is naturally very sensitive to the redevelopment calendar. The nearer we get to redevelopment (our anchorage point is the realisation of…
Business update
Crossject has published a short release to comment on its activities. As we expected, the group confirmed the planning of market approval filings in Europe and the US (FY19 for…
Dynamic start to the year
Revenue growth was significant at constant perimeter in Q1 18 (+4.9%). Prodware benefited from the strong development of SaaS revenue (+37.2%) and Business Consulting (+12.2%) while the other activities remained…
M&A and a new financing don’t hide a poor Q1 trading statement
Many pieces of news at the same time. As far as certainties are concerned, Q1 18 revenues are weak and the group will find it hard to generate any profit…
Strong divisional contributions partly absorbed by financing costs
EPS adjustments are essentially the by-product of 2017 final numbers highlighting rising central costs and a higher than expected interest bill (excess resources). This new base as well as an…
A contract in China for DMS Wellness
As a reminder, Cellis is the group’s cellulite and lymphatic drainage solution, part of the Wellness division. The agreement should lead to 400 deliveries in the next five years (the…
FY17 en ligne et perspectives solides
GenOway a publié ses résultats 2017. Le CA a atteint €9.9m (+9%, déjà publié le 24 janvier dernier). L’EBITDA s’est élevé à €1.308m (+27%), le résultat d’exploitation à €754K (vs…
Lighter, greener, richer
Ecoslops delivers strong cash flow generation from its first slops refining plant. It envisages an even brighter future made of similarly planned units in Marseilles and Antwerp as well as…
Margin improvement despite lower revenue
2017 was characterised by high double-digit revenue growth in SaaS, some difficulties in the recruitment of employees which led to lower services revenue and the postponement of significant projects from…
A most welcomed simplification
Europlasma simplifies its corporate set up. The group will now own its power generation units and can crystallise the “hidden” value of those assets in the simplification process. Europlasma should…
Transition year is behind, brighter outlook
After a difficult year of transition for Keyware, which was mainly seen through the Payment Terminal (PT) division’s lower revenues and profitability, we have decreased our earnings forecasts for the…
On its way to reach the market…
Crossject released its FY17 results. Revenues came in at €4.14m vs €1.43m, operating result €-8,621k (vs €-7,291k), and net result €-7,611k (vs €-6,663k). Net cash at the end of FY17…
Strong operations confirm regime change
Chargeurs released FY 2017 earnings that show a strong operating performance and exude confidence with a dividend at €0.6, above expectations. Chargeurs has released very satisfactory full-year earnings with a…
FY17 – a transition year
Keyware reported its FY17 results, with revenues flat yoy to €18,730k. The drop in revenues from the Payment terminals division (-24% to €8,449k) was compensated by the increase in revenues…
Plasma to help clean up steelmaking
Europlasma sees a long-term market in applying plasma-based clean-up know-how to steel furnaces. Revenue prospects and timetable are not available. Europlasma has announced a technical breakthrough. It plans to deploy…
Approvals for the Platinum and Optima radiology tables
DMS has announced that its Optimum and Platinum radiology tables have been approved by UniHA (the first cooperative purchasing group of French public hospitals), for an estimated minimum €5m revenue…
Line 16 – Blanc -Mesnil confirmed for 2024
The attraction of the Foncière Paris Nord real estate assets is intimately linked to the realisation of the “Grand Paris Express” transport project and its timing. The under-funding of this…
A convertible bond and options for existing shareholders
Crossject announced the granting of free options (“BSA”) to existing shareholders as well as the issue of a convertible bond (€5.25m). Existing shareholders will be granted one option for ten…
Fresh and less expensive round of financing
Europlasma collects another €8m of fresh financing. It broadly relies on the same financing mechanics as deployed in a 2016-17 round: issuance of immediately converted convertibles at a discount to…
La Française de l’Energie: Update on regulation
As a reminder, the French government in autumn 2017 issued a new regulation (“Loi Hulot”) to stop the issuance of new exploration permits in France. We went to LFDE’s meeting…
FY17 revenues: rather weak
DMS released FY17 sales. Revenues reached €27.1m (-9% on a comparable basis), of which €26.5m for DMS Imaging (-10%), €0.5m for DMS Biotech (+18%) and €0 for DMS Wellness. The…
Orphan disease status for Zeneo® Midazolam in the US
The group indicated it had obtained orphan drug status for Zeneo® Midazolam from the FDA for the treatment of “status epilepticus”, i.e. epileptic crises of over five minutes. Orphan drug…
Allowing for 2017 financing
The sharp drop in the target price is due to an overdue set of adjustments that combines the H1 17 release and the dilution associated with financing, as well as…
2017 brought strong business development and positive EBIT at Sines
In 2017, Sines contributed €6m in revenues: +40% yoy, refining products +80%, accounting for 65% of the top-line. The unit delivered a 25% EBITDA margin and a positive EBIT. The…