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…
A €3.9m capital increase
Crossject announced it would issue new shares, a maximum of 3.4m with subscription rights, to be listed before year-end (28 December), with total potential proceeds of c.€3.9m. In short, the…
Production has resumed
Crossject announced that the production issue (due to a mould of a Zeneo component which had been damaged during the summer) has been fixed with production having started again yesterday….
Power generation fine-tuning at a further cost in 2018
The H1 earnings released on 31/10 showed some improvement, but were substantially below what our modelling implied with a €-5.2m cash loss when we were banking on a €-1.4m loss…
Decline in revenue as expected in Q3 18
The decrease in revenue by -1.2% on a constant perimeter was broadly in line with expectation; note last year’s high comparative (+3% on constant scope in Q3 17). Software editing…
On time delivery, cont’d
Forget the quarterly swings to sequential growth, Chargeurs is delivering on its promise of focused, profitable growth. Chargeurs released Q3 top line like-for-like growth of 1%, a slowdown on previous…
Still in transition
The group continues its transition phase, which leads to increasing revenue, but operating profitability is currently weak due to significant cost increases. Following the 9m FY18 results, we will slightly…
A solution provider to the energy industry
We initiate coverage of Dietswell: the company is an engineering contractor to the oil, gas and energy sectors. It is an asset-light company with technical knowledge that provides solutions to…
1er semestre sans surprise
Les résultats du 1er semestre de Bourrelier Group dans sa nouvelle définition confirment une modeste croissance de la distribution au Benelux et un actif “cash” à investir. Bourrelier Group a…
Bond conversion
Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus…
Good margin achievement
The strong EBITDA margin (21.1% of revenue) resulted from revenue growth, management of subcontracting, the transformation to the SaaS mode and also no restructuring costs, all offsetting the surge in…
Strong momentum remains, in both Europe and the USA
EasyVista’s Q3 sales were up 25% after 50% in H1, leading to +42% for 9 months. Though current quarters are still boosted by the change in contracting mode, organic momentum…
Strong revenue growth, but profitability still impacted by the transition phase
Currently in a transition year, the group has reported growing H1 revenue but profit, although positive, was lower than in H1 17. Keyware’s revenue was pushed by the Authorisations division,…
Refonte
La publication des comptes 2017 en Août 2018 et l’AGM de Septembre permettent de prendre la totale mesure de la transformation de Bourrelier Group d’un groupe de distribution d’équipement de…
The delayed launch of Zeneo implies a lower target price
Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021. They mostly depend on the…
Strong underlying operational delivery
Ecoslops’ H1 18 release highlights a strong performance of its existing refining unit after upgrading, an inevitable rise in opex and c. 6 months push-back on the opening of the…