P&L disappoints but cash flow generation is intact
P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19,…
Remarkable operational performance as group EBITDA turns positive
A slew of good news accompanies this release. The operational improvements at the Sines plant, and a surge in volumes vs. an exceptionally low base in H1 18, resulted in…
Organic growth recovery and a brighter outlook
A return to organic growth in the second quarter and the opening of a sophisticated production line in its Protective Films business has set the stage for a recovery in…
Software continues to drive up the top-line
H1 resulted in another relapse in profitability, mainly related to the current transition phase. We actually believe that it is a matter of time before investments bear fruit at the…
Europlasma’s restart
On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for…
Value in white
The core of Cementir business model is to combine the higher growth and margin potential of white cement, a niche market of some 20mt of production, with grey cement, aggregates,…
Technical Substrates sprouting through acquired growth
Staying loyal to its investment strategy of targeting niche markets, Chargeurs props up its Technical Substrates business through three minor, but strategic, acquisitions focused on museum services. This brings the…
The soft pushed up revenue, while the transition continues to impact profitability
Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues to weigh negatively…
A commercial success
Crossject announced the signature of a commercial agreement on Midazolam with German Desitin. The agreement mainly includes the licensing, distribution and promotion, for up to 10 years after the commercial…
Positive outlook, moving forward in new energies
One of the key takeaways of the strategy update is in New Energies, where Dietswell reported being contacted by several companies interested in bidding on the upcoming commercial tenders. By…
Marseille plant now coming on stream in 2020
We have adjusted our EPS estimates based on the expected entry into operation of the Marseille plant in early 2020 versus our assumption of late 2019. Lower expected revenues due…
2018 : plus-values et frustrations hollandaises
Bourrelier Group aura finalisé en 2018 la cession de ses activités historiques. €235m sont potentiellement à redéployer. L’activité de distribution au Bénélux ne consomme pas de trésorerie mais de la…
A new reference shareholder?
Europlasma on 04/06 indicated that a would-be financial partner had submitted a “continuation” plan to the French courts with a court decision about this offer expected by the end of…
Successful acquired growth offsets organic slowdown
Q1 19 revenues dominated by high comps and successful acquisitions Consolidated revenue topped €161.2m in Q1 19, +11.3% in gross terms and -4.6% lfl. Renegotiation of the Euro PP notes…
Audit & inspection division as strong growth driver
The audit & inspection division (i.e. Factorig) is driving the performance of the group with offshore drilling restarting. Note that the activity picked up in Q4 18 (revenue was up…
SFPI disappoints in 2018 but prepares its future
SFPI 2018 earnings fell short of expectations. The key highlight of FY18 is that SFPI Group sought to simplify its structure in mid-2018 by submitting a simplified tender offer (OPAS)…
A clearer roadmap ahead
EPS estimates for 2019 were revised downwards according to the company’s guidance. Meanwhile, 2020 EPS saw a considerable reduction given: 1) the later-than-expected entry into operation of the Antwerp refining…
On the right course with clearer waters ahead
Ecoslops announced a solid set of results for 2018, delivering 23% revenue growth, despite only 9 months of real activity taking place as the Sines facility underwent alterations between January…
La Mède Complex project gains steam with Total now on board
Ecoslops Provence is currently building a slops refining unit to regenerate oil residues at Total’s La Mède complex in the port of Marseille. As part of the agreement, Ecoslops SA…
2018 trading update: strong growth in Audit & Inspection
Trading update from Dietswell : FY18 revenues are up 4% yoy, driven by a strong H2 in the Factorig division (Audit & Inspection). FY18 revenues: €7.1m (+4 % yoy) Factorig (Audit &…
De nombreuses initiatives en FY18 et des perspectives solides
GenOway a publié ses résultats 2018. Le CA a atteint €10.8m (+10%, déjà publié le 22 janvier dernier). L’EBITDA s’est élevé à €1.435m (+9.7%), le résultat d’exploitation à €602K (vs…
Pricing acquired growth
While 2018 EBIT developments were up to scratch, below the line friction costs associated with an acquisition-based expansion strategy started to bite. Changes EPS 2019 € 1.21 vs 1.65 -26.6%…
Solid 2018 execution confirms growth potential
2018 delivery beats expectations coming from a high 2017 base. 2019 may be subject to more hesitant growth. The young CEO confirms his drive for long-term profitable growth including garnering…
Still in transition
The FY18 results reflected the activity’s significant transition during the year. While sales increased, profitability was negatively impacted by start-up costs. However, we believe that the worst is over. The…