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…
A tick better, from a low basis though
DMS released 9 months 18 sales which reached €16.9m (-12%), including a 15% fall in the historic Imaging business to €16.2m and an increase in Wellness and Biotech (from €0.4m…
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,…
An agreement with UGAP
DMS announced that it has been selected as a supplier to UGAP – a French public purchasing body – for its Platinum and Optima DRF solutions. Again, the group puts…
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…
Nouveau profil
La refonte en profondeur de Bourrelier Group suite à la cession de l’essentiel de ses actifs opérationnels est désormais prise en compte après publication des comptes 2017 décalés sur l’été…
H1 18: insignificant; some more time needed to reach the market
Crossject released its H1 18 results. Revenues reached €2,840k (vs €1,635k), operating result €-5,337k (vs €-4,256k), and the net result €-4,744k (vs €-3,360k). Net cash at the end of H1…
Orano as big bro’
Europlasma brings in Orano as a mighty partner to grow its hazardous waste management business. Europlasma has signed a frame agreement ready to be executed with Orano (ex Areva, state-owned)…
Robust earnings delivery in more choppy (FX)) waters
H1 18 earnings do confirm the ability of Chargeurs’ management to deliver in more adverse FX conditions and to stick to its quality growth promises. The up and coming group…
The market is within reach
We have fine-tuned our numbers on the back of the group’s latest comments as well as integrating the new NTE (New Therapeutic Entity) to be developed (Terbutaline), instead of Apomorphine…
Revenue growth above expectations
Revenue growth accelerated above expectations at constant scope in Q2 18 (+6.9% following +4.9% in Q1 18). Growth was driven by the international markets which benefited from the signature of…
Boosted growth and earnings ahead
We are initiating coverage of EasyVista with a Buy recommendation. The group offers a successful ITSM (IT service management) software solution. Reinforced staff and management should allow EasyVista to capture…
A convertible bond and potential options for existing shareholders
Crossject announced the principle of granting of free options (“BSA”) to existing shareholders (to compensate for the fact the ones granted in February could not be exercised) as well as…
CA S1 18 et plan stratégique 2018-22
genOway a publié un CA pour le premier semestre de €4.9m (vs €5m en S1 17), en raison de la compétition plus vive sur le marché académique évoquée à l’automne…