Grenobloise d'Electronique et d'Automatismes S.A.

Grenobloise d'Electronique et d'Automatismes is a manufacturer of toll collection equipment. Co. offers to its clients Automated Toll Plazas (automatic toll lanes accepting all means of payment; automatic vehicle classification systems; audio and video systems providing real-time remote assistance to patron; integration of contactless smart card payment systems; and ETC systems compliant with CEN TC 278), and Car Park Access and Toll Control Systems (entry lane terminals; intermediary lanes for access to private areas; exit lane terminals; pedestrian access control terminals; automatic payment machines; manual payment machines; car park supervision servers; and central computer systems).
  • TickerGEA
  • ISINFR0000053035
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Jehanne Leroy

GEA, 27 Mars 2019

La documentation relative aux conventions réglementées n’a pas été disponible dans les délais légaux, la société ayant publié le document contenant le rapport spécial des commissaires aux comptes sur les conventions réglementées 20 jours avant la date de l’assemblée générale. Par ailleurs, on notera que la société propose un renouvellement en bloc de ses admnistrateurs, pratique inacceptable ayant disparu conformément à la recommandation 13.2 du Code AFEP-MEDEF. La société justifie cette dérogation au code par une nécessité d'assurer la stabilité de ses organes de contrôle dans le temps et le...

GEA Group – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Julien Onillon

G.E.A: FY 09/2018 results

As we expected, for the 5th consecutive year, G.E.A. recorded a decrease in profits over its fiscal year. The company, which is facing a sluggish market in France, managed to increase its sales thanks to an international sales offensive but, to do so, had to lower prices and margins. The operating margin, which stood at 15.8% the previous year, contracted by more than 300 basis points! Even more worryingly, G.E.A.'s order book has again fallen sharply. The order book, which was down in the first half of the year, fell by more than 20% over the last 6 months with a 36% drop in orders!

Julien Onillon

G.E.A, Q3 2018 Sales and company visit

G.E.A. reported an increase in sales for its fiscal year and over the third calendar quarter. Not restated for deferred income, the toll systems company's sales increased by nearly 20% over 12 months and almost doubled in the last quarter. Although it is important to be cautious (the restatement of deferred income may have a significant impact on final revenues), these good figures reflect a good level of delivery and lead us to revise upwards our earnings estimates for the year.

Julien Onillon

G.E.A, Sell Conviction

G.E.A, a French microcap specialized in highway toll collection equipment, does not communicate much and  appears completely disinterested in its share price. Its accounts, however, are readily available and anyone who takes a look at them will necessarily contemplate a huge investment opportunity. The company achieved an EBITDA margin of nearly 20% in 2017, generated more than EUR 8 million in free cash flow and now has a net cash position of more than EUR 80 million... But capitalizes only EUR 110 million!This could indeed be a huge opportunity.... Yet, we have a Sell opinion on the stock..

Julien Onillon

G.E.A: FY 09/2018 results

As we expected, for the 5th consecutive year, G.E.A. recorded a decrease in profits over its fiscal year. The company, which is facing a sluggish market in France, managed to increase its sales thanks to an international sales offensive but, to do so, had to lower prices and margins. The operating margin, which stood at 15.8% the previous year, contracted by more than 300 basis points! Even more worryingly, G.E.A.'s order book has again fallen sharply. The order book, which was down in the first half of the year, fell by more than 20% over the last 6 months with a 36% drop in orders!

Julien Onillon

G.E.A, Q3 2018 Sales and company visit

G.E.A. reported an increase in sales for its fiscal year and over the third calendar quarter. Not restated for deferred income, the toll systems company's sales increased by nearly 20% over 12 months and almost doubled in the last quarter. Although it is important to be cautious (the restatement of deferred income may have a significant impact on final revenues), these good figures reflect a good level of delivery and lead us to revise upwards our earnings estimates for the year.

Julien Onillon

G.E.A, Sell Conviction

G.E.A, a French microcap specialized in highway toll collection equipment, does not communicate much and  appears completely disinterested in its share price. Its accounts, however, are readily available and anyone who takes a look at them will necessarily contemplate a huge investment opportunity. The company achieved an EBITDA margin of nearly 20% in 2017, generated more than EUR 8 million in free cash flow and now has a net cash position of more than EUR 80 million... But capitalizes only EUR 110 million!This could indeed be a huge opportunity.... Yet, we have a Sell opinion on the stock..

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

GEA, 27 Mars 2019

La documentation relative aux conventions réglementées n’a pas été disponible dans les délais légaux, la société ayant publié le document contenant le rapport spécial des commissaires aux comptes sur les conventions réglementées 20 jours avant la date de l’assemblée générale. Par ailleurs, on notera que la société propose un renouvellement en bloc de ses admnistrateurs, pratique inacceptable ayant disparu conformément à la recommandation 13.2 du Code AFEP-MEDEF. La société justifie cette dérogation au code par une nécessité d'assurer la stabilité de ses organes de contrôle dans le temps et le...

GEA Group – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Charles Pinel

Proxy Report - 30/03/2018

Pour la première fois cette année, la société était tenue de soumettre au vote des actionnaires la politique de rémunération de ses dirigeants pour l'exercice social à venir (vote ex-ante). Il semble que l'objet même de ce vote soit confus car la société propose à ses actionnaires d'approuver les principes et critères applicables à la détermination, à la répartition et à l’attribution des éléments fixes, variables et exceptionnels composant la rémunération totale et les avantages de toute nature attribuables "en raison de l'exercice clos le 30 novembre 2017" et non les éléments de rémunération...

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