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…
Lighter, greener, richer
Ecoslops delivers strong cash flow generation from its first slops refining plant. It envisages an even brighter future made of similarly planned units in Marseilles and Antwerp as well as…