Prodways Group SA

Prodways Group SA. Prodways Group SA is a France-based company engaged in the industrial machinery sector. The Company focuses its activities on the industrial three-dimensional (3D) printing market and more specifically on ''rapid manufacturing'' 3D printing for industrial series production. The Company designs, manufactures and sells products for various industries, including automotive, dental, molding, medical, jewelry and luxury, aerospace and defense, architectural and design, consumer products and academic and research. It offers its customers multi-technology, multi-application industrial solutions, 3D printing systems and a wide range of composite, hybrid and powder products. In addition, it also develops its own manufacturing for the podiatry (orthopaedic soles) and dentistry (orthodontic pieces and dental trays) markets that is sold directly to healthcare professionals. It operates through Avenao Industrie and Interson-Protac.
  • TickerA2DQ77
  • ISINFR0012613610
  • ExchangeEuronext Paris
  • SectorIndustrial Engineering
  • CountryFrance

Analysts

Aurelien Sivignon

Prodways Group : EBITDA in line for both divisions but half-year impacted by one-off items

>H1 EBITDA of € 2.6m, up € 1.4m y-o-y excluding IFRS 16 (+€ 1.3m est.) - On growth of 28.1% in H1 sales to € 35.3m (already reported; +9% l-f-l on our estimates), EBITDA clocked in at € 2.6m, up € 2.4m. Excluding the impact of IFRS 16, the rise in EBITDA (+€ 1.4m) is in line with our forecast (+€ 1.3m est.). After a free share allocation expense of € 0.5m, underlying operating profit came to -€ 1.5m (vs -€ 0.9m est.) vs -€ 2.2m in H1 2018. Operating profit clocked in ...

Aurelien Sivignon

Prodways Group : EBITDA en ligne sur les deux pôles mais un semestre impacté par les éléments non courants

>EBITDA S1 de 2.6 M€ en hausse yoy de 1.4 M€ hors IFRS 16 (+1.3 M€e) - Pour un CA S1 (déjà publié) en progression yoy de 28.1% à 35.3 M€ (dont +9%e lfl selon nous), l’EBITDA ressort à 2.6 M€, en croissance yoy de 2.4 M€. Hors impact IFRS 16, la progression de l’EBITDA (+1.4 M€) est en ligne avec notre attente (+1.3 M€e). Après prise en compte d’une charge liée à l’attribution gratuite d’actions (0.5 M€), le ROC s’établit à -1.5 M€ (vs -0.9 M€e) contre -2.2 M€ au S1 20...

Aurelien Sivignon ...
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jeremy Garnier
  • Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 18/09/2019

...

Aurelien Sivignon

Prodways Group : H1 revenue in line – Possible resumption of M&A after a period of integration – TP € 4.3 vs € 4.1

>H1 revenue up 28% yoy at € 35.3m (vs € 35.4m) - For its H1 2019, Prodways Group yesterday evening reported revenue up 28% yoy at € 35.3m, in line with our expectation (€ 35.4m). The half-year includes a scope effect related to the consolidation of Solidscape (acquired in July 2018) and Surdifuse L'Embout Français (January 2019), adding € 5.3m to the topline. Organic growth therefore stands out in our opinion at 9%e. In Q2 alone, revenue was up 27% at € 17.9m (vs...

Anis Zgaya ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2019

After a break in 2018, the outlook for renewed dividend growth is underpinned by: 1/ strong solvency (CET1 = 21.9%) with capital generation set to outpace growth in RWA; and 2/ the expected recovery in earnings thanks to reduced margin pressures. Our target price of € 32.4 is derived from a DDM and the minimal (10%) probability of success for the legal action regarding the CCI. - ...

Aurelien Sivignon

Prodways Group : EBITDA in line for both divisions but half-year impacted by one-off items

>H1 EBITDA of € 2.6m, up € 1.4m y-o-y excluding IFRS 16 (+€ 1.3m est.) - On growth of 28.1% in H1 sales to € 35.3m (already reported; +9% l-f-l on our estimates), EBITDA clocked in at € 2.6m, up € 2.4m. Excluding the impact of IFRS 16, the rise in EBITDA (+€ 1.4m) is in line with our forecast (+€ 1.3m est.). After a free share allocation expense of € 0.5m, underlying operating profit came to -€ 1.5m (vs -€ 0.9m est.) vs -€ 2.2m in H1 2018. Operating profit clocked in ...

Aurelien Sivignon

Prodways Group : EBITDA en ligne sur les deux pôles mais un semestre impacté par les éléments non courants

>EBITDA S1 de 2.6 M€ en hausse yoy de 1.4 M€ hors IFRS 16 (+1.3 M€e) - Pour un CA S1 (déjà publié) en progression yoy de 28.1% à 35.3 M€ (dont +9%e lfl selon nous), l’EBITDA ressort à 2.6 M€, en croissance yoy de 2.4 M€. Hors impact IFRS 16, la progression de l’EBITDA (+1.4 M€) est en ligne avec notre attente (+1.3 M€e). Après prise en compte d’une charge liée à l’attribution gratuite d’actions (0.5 M€), le ROC s’établit à -1.5 M€ (vs -0.9 M€e) contre -2.2 M€ au S1 20...

Aurelien Sivignon

Prodways Group : H1 revenue in line – Possible resumption of M&A after a period of integration – TP € 4.3 vs € 4.1

>H1 revenue up 28% yoy at € 35.3m (vs € 35.4m) - For its H1 2019, Prodways Group yesterday evening reported revenue up 28% yoy at € 35.3m, in line with our expectation (€ 35.4m). The half-year includes a scope effect related to the consolidation of Solidscape (acquired in July 2018) and Surdifuse L'Embout Français (January 2019), adding € 5.3m to the topline. Organic growth therefore stands out in our opinion at 9%e. In Q2 alone, revenue was up 27% at € 17.9m (vs...

Aurelien Sivignon

Prodways Group : Bon niveau d’activité au T1 19

>CA T1 : 17.4 M€ (vs 15.6 M€e) soit +28.9% yoy - Prodways a publié hier soir son CA T1 2019 qui ressort supérieur à nos attentes. L’activité du premier trimestre progresse de 29% yoy pour s’établir à 17.4 M€ (nous attendions 15.6 M€e). L’effet périmètre, lié aux acquisitions de Solidscape (juillet 2018) et Surdifuse-L’Embout Français (janvier 2019), ressort à 2.7 M€. En conséquence, nous estimons une croissance organique de l’ordre de 9% yoy.Une croissanc...

Aurelien Sivignon ...
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jeremy Garnier
  • Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 18/09/2019

...

Anis Zgaya ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2019

After a break in 2018, the outlook for renewed dividend growth is underpinned by: 1/ strong solvency (CET1 = 21.9%) with capital generation set to outpace growth in RWA; and 2/ the expected recovery in earnings thanks to reduced margin pressures. Our target price of € 32.4 is derived from a DDM and the minimal (10%) probability of success for the legal action regarding the CCI. - ...

Anis Zgaya ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2019

Après une pause en 2018, les perspectives de reprise de la croissance des dividendes sont confortées par : 1/ la solvabilité élevée (CET1 = 21.9%) avec une génération de fonds propres qui sera supérieure à la croissance des RWA ; et 2/ le rebond attendu des résultats grâce à une moindre pression sur les marges. OC 32.4 € basé sur un DDM et une probabilité minimale (10%) de succès de l’action en justice sur les CCI. - ...

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