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…
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…
Oil wastes turned into green gold ?
Ecoslops turns oil slops into traditional oil products and makes for a cleaner planet in the process. Its pocket sized refinery like process, first set up in Sines (Portugal) has…
One stone, many great birds
Chargeurs’ first significant acquisition looks to tick all the right boxes: strategically perfect, better use of capital and giving a fresh twist to its hitherto low growth business, Fashion Technologies….
Time to press the power on switch
Now readable energy business model The April 2018 reorganisation (see Worth Knowing) has left Europlasma with a readable business model: it has a technology which is deployed in power…
Inclusion 2017 figures: little change to forecasts
2017 EPS allow for deeper losses, financed by new equity issues. Dilution should stabilize from 2018-H2 onwards. The 2017 earnings recognize additional losses that can be seen as investments as…
Focus on profitability and cash flow generation
The upgrade of the target price is attributable to the upward revision of our 2018 estimates (see the related comments). Prodware had a strong start to the year which is…
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…