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…
Q1 sales up 30%, no inflection in commercial success
EasyVista’s Q1 sales reached €11.3m, +30% growth, identical to FY 2018 number, but it reflects an even better organic performance, as 2019 figures are no longer boosted by the change…
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…
Operating leverage is now confirmed on a full-year basis
H2 patterns are similar to H1’s, which showed for the first time a significant positive EBITDA (€2.1m vs €-1.8m in H1 17), confirming the consistency of the business model. EasyVista’s…
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…
Slowly but surely
Crossject released its FY18 results. Revenues reached €3.52m vs €4.14m, operating result €-11,556k vs €-8,621k, and the net result €-10,711k vs €-7,611k. Net cash at the end of FY18 amounted…
The positive on EBITDA, the negative on free cash flow
In 2018, Prodware had satisfactory EBITDA in a challenging transformation to SaaS. Conversely, free cash flow was disappointing due to a deterioration in the collection of trade receivables in Q4…
Good revenue growth, above expectation
In Q4 18, revenue growth (+10.7% on constant scope) was above expectation and benefited also from a low comparative in Q4 17 (-16.7% on constant scope). Prodware had record SaaS…
Avoided carbon gains speed
Ecoslops’ success in processing oil wastes for a profit is gaining momentum with a full financing of its second unit due in early 2020. Ecoslops posted a raft of positive…
Some extra non-dilutive financing
Crossject announced it had obtained a €1.1m financing from Bpifrance and the Bourgogne-Franche Comté region. The financing is made up of two loans (one relating to R&D and, the second…
Solid 2018 vintage
Chargeurs released 2018 revenues ahead of expectations in adverse global markets and looks like beating street expectations at the operating line (preliminary: a bit more than €48m). This would indeed…
Europlasma files for Chapter 11
Europlasma could not bring to fruition plans to recapitalise/dispose assets. It filed for the French equivalent of Chapter 11 which opens a 6-month process. Trading should resume on 29/01/2019. Difficult…
End of year update confirms the recovery
In oil & gas, Dietswell echoes in its end of year update what bigger players are seeing: after the downturn that started in 2014, oil exploration & production companies are…
A tighter spot
Europlasma warns of extra delays to its refinancing exercise, at risk of a full financial/perimeter restructuring. Europlasma issued an after-hours communiqué on 07/12/2018 about the fact that due diligence delays…
Dedicated to safety for people, goods and the environment
We initiate coverage of SFPI Group with a Buy recommendation and a c.70% upside. The core of SFPI Group’s business model is to target niche markets among the rather moderately-growing…