Econocom Group

Econocom Group specializes in the management of IT and telecom infrastructures for businesses throughout Europe, U.S. and China. Co. designs and implements products and services for SMEs, corporations or public authorities. It operates through four complementary businesses: IT products and solutions, distributed infrastructures (outsourcing, maintenance and consulting), telecom services and administrative and financial management of ICT assets. Co.'s business segments are as follows: IT Financial Services; Managed Services; Products and Solutions; and Telecom Services.
  • TickerECONB
  • ISINBE0974313455
  • ExchangeEuronext Brussels
  • SectorSoftware & Computer Services
  • CountryBelgium

Analysts

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/09/2019

Nous estimons la progression de l’ANR à fin juin à 17% (+643 M€) à 4.4 Md€ (176 € par titre). Au 4 septembre, la progression est légèrement inférieure (+15%). La décote est revenue à un niveau historiquement élevé (46% à fin juin, 49% actuellement). A l’avenir, la valorisation devrait continuer de s’apprécier grâce à un double levier : poursuite de l’augmentation de l’ANR et réduction de la décote. Nous confirmons notre opinion Achat et revoyons en légère hausse notre OC à 134 € vs 13...

Charles Lepetitpas ...
  • Nicolas David

Econocom : A new savings plan but no growth recovery

>The quality of H1 2019 results is debatable - Econocom's full and definitive H1 2019 results were reported after trading on Wednesday, followed by a meeting yesterday morning. Most of the data had already been released (revenues, adjusted operating profit and net debt) in July, but a detailed inspection of the accounts emphasises the debatable quality of these results, on several counts:The operating profit of € 40m was generated partly thanks to the deconsolida...

Charles Lepetitpas ...
  • Nicolas David

Econocom : Un nouveau plan d’économies mais pas de reprise de la croissance

>La qualité des résultats S1 2019 est discutable - Econocom a publié mercredi après Bourse ses résultats complets et définitifs pour le S1 2019, suivis d’une réunion tenue hier matin. Alors que nous connaissions déjà la plupart des éléments, publiés en juillet (CA, ROA et Dette Nette), une lecture détaillée des comptes souligne la qualité discutable de ces résultats, et ce, pour plusieurs raisons :Le ROA de 40 M€ a été généré en partie grâce à la déconsolidation ...

Cedric Duinslaeger ...
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: AED BB, ATEB BB, BCART BB, ECONB BB, EURN BB, GIMB BB, PNL NA, RTL BB

Aedifica: FY18-19: strong results and higher expectations Atenor: 1H19 Results: Net profit up 11.7% Biocartis: 1H19: US causes serious dent in volume ramp-up Econocom: Reiterates commitment to group restructure Euronav: On IMO2020 strategy Gimv: € 10m investment in iSTAR Medical PostNL: ACM rejects acquisition of Sandd by PostNL RTL Group: Transformation at full throttle

Tony Lebon

Econocom : Stand by the captain

>Publication date 11/02/2019 08:15 - Writing date 11/02/2019 08:14 - Shareholders at end-2017 - Jean-Louis Bouchard - 36% - Treasury stock - 4% - Free float - 60% - - Equity data - Reco : Neutral - Target : 3.00 EUR - Equity analyst: Nicolas David - - +33 (0)1 44 51 81 51 - ESG analyst: Valentin Pernet - Corporate Governance: -Opportunity (2) (see appendix 5 for more details) - - - / - Next events: - Full-year 2018 results: Monday 14/03/2019 - Repo figures: see appendix...

Tony Lebon

Econocom : Faisons confiance au capitaine

>Ré-initiation du suivi d’Econocom côté crédit avec une reco. Achat - Nous ré-initions le suivi d’Econocom avec un avis crédit stable et une recommandation Achat sur l’OCEANE 2023. Avec un rendement d’environ 5,6%, non seulement cet instrument ne valorise pas l’option de conversion, mais il offre de surcroît un pick-up très attractif par rapport à des obligations « sèches » de workout date comparables notées BB (ytm moyen d’environ 2,4%) ou BB- (environ 3,2%). De...

Charles Lepetitpas ...
  • Nicolas David

Econocom : A new savings plan but no growth recovery

>The quality of H1 2019 results is debatable - Econocom's full and definitive H1 2019 results were reported after trading on Wednesday, followed by a meeting yesterday morning. Most of the data had already been released (revenues, adjusted operating profit and net debt) in July, but a detailed inspection of the accounts emphasises the debatable quality of these results, on several counts:The operating profit of € 40m was generated partly thanks to the deconsolida...

Charles Lepetitpas ...
  • Nicolas David

Econocom : Un nouveau plan d’économies mais pas de reprise de la croissance

>La qualité des résultats S1 2019 est discutable - Econocom a publié mercredi après Bourse ses résultats complets et définitifs pour le S1 2019, suivis d’une réunion tenue hier matin. Alors que nous connaissions déjà la plupart des éléments, publiés en juillet (CA, ROA et Dette Nette), une lecture détaillée des comptes souligne la qualité discutable de ces résultats, et ce, pour plusieurs raisons :Le ROA de 40 M€ a été généré en partie grâce à la déconsolidation ...

Cedric Duinslaeger ...
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: AED BB, ATEB BB, BCART BB, ECONB BB, EURN BB, GIMB BB, PNL NA, RTL BB

Aedifica: FY18-19: strong results and higher expectations Atenor: 1H19 Results: Net profit up 11.7% Biocartis: 1H19: US causes serious dent in volume ramp-up Econocom: Reiterates commitment to group restructure Euronav: On IMO2020 strategy Gimv: € 10m investment in iSTAR Medical PostNL: ACM rejects acquisition of Sandd by PostNL RTL Group: Transformation at full throttle

Thomas Couvreur

ECONOCOM: Stock reboot: ready for recovery

After reviewing our case on Econocom, we believe the current stock price undervalues the company’s fundamentals, despite clear risks and pressure on the business. We upgrade our investment recommendation from Hold to Accumulate and increase our TP from € 3.6 to € 3.9, resulting in a 30% upside.

Joachim Vansanten ...
  • Lenny Van Steenhuyse
  • Thomas Couvreur

Morning Note: ECONB BB, GBLB BB, IBAB BB

Econocom: Stock reboot: ready for recovery GBL: To acquire a majority stake in Webhelp Group IBA: Proteus One contract in the US

1 director sold

A director at Econocom Group sold 162,902 shares at 3.069EUR and the significance rating of the trade was 90/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/09/2019

Nous estimons la progression de l’ANR à fin juin à 17% (+643 M€) à 4.4 Md€ (176 € par titre). Au 4 septembre, la progression est légèrement inférieure (+15%). La décote est revenue à un niveau historiquement élevé (46% à fin juin, 49% actuellement). A l’avenir, la valorisation devrait continuer de s’apprécier grâce à un double levier : poursuite de l’augmentation de l’ANR et réduction de la décote. Nous confirmons notre opinion Achat et revoyons en légère hausse notre OC à 134 € vs 13...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2019

...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2019

...

Aurelien Sivignon ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas David
  • Salma Bouraoui
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2019

...

Despite a better risk assessment and improving to Neutral, ECONOCOM GROUP SE remains under pressure

ECONOCOM GROUP SE (BE), a company active in the Computer Services industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date July 12, 2019, the closing price was EUR 3.26 and its target price was estimated at EUR 2.48.

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