Orege S.A.

Orege SA is a France-based company active in the environmental industry. The Company offers solutions of the treatment of effluents, such as wastewater and sludge, for industrials in the oil and gas, petrochemical and chemical sectors, as well as for the food and beverage and municipals industries. It provides water treatment units, which are later operated by customers in partnership with the Company, and water purification services, which involve the setting up for a determined period of time (from one month to over a year depending on the case) of a treatment on the customers site for one-off treatment work. In March 2014, Eren's stake in the Company increased up to 69.22% of capital and 60.52% of voting rights as result of takeover bid launched together with certain shareholders. In March 2014, Eren SA acquired 48.9% of the Company.
  • TickerOREGE
  • ISINFR0010609206
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Florian Béchaz

Orège - Assemblée Générale des actionnaires du 21 Mai 2019

Plusieurs points d'attention sont à présenter. Tout d'abord, le Conseil d'administration a un taux d'indépendance très faible (14%). Il serait donc judicieux pour la société de renouveler son Conseil et de nommer des membres indépendants. La gouvernance est de manière générale peu satisfaisante (diversité, durée du mandat, droit de vote double. Par ailleurs, la transparence de la société sur les critères de performance est également à améliorer. De plus, la transparence de la société concernant les politiques de rémunération pour l'exercice 2019.

Orège - On track to reach our FY19 growth forecast

Orège’s FY18 results showed a significant revenue pick-up (six times restated 2017 revenues), with EBITDA and net income marginally ahead of our forecasts. The ytd ramp-up in orders implies that Orège is on track to reach our FY19 forecast of €6.3m revenues (2.8x FY18 revenues). The current share price is close to our bear case, which skews risk significantly to the upside in our view. Key share price catalysts are the continued ramp-up in orders and successful completion of the capital increase required by the end of 2019.

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...

Orège - On track to reach our FY19 growth forecast

Orège’s FY18 results showed a significant revenue pick-up (six times restated 2017 revenues), with EBITDA and net income marginally ahead of our forecasts. The ytd ramp-up in orders implies that Orège is on track to reach our FY19 forecast of €6.3m revenues (2.8x FY18 revenues). The current share price is close to our bear case, which skews risk significantly to the upside in our view. Key share price catalysts are the continued ramp-up in orders and successful completion of the capital increase required by the end of 2019.

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...

Florian Béchaz

Orège - Assemblée Générale des actionnaires du 21 Mai 2019

Plusieurs points d'attention sont à présenter. Tout d'abord, le Conseil d'administration a un taux d'indépendance très faible (14%). Il serait donc judicieux pour la société de renouveler son Conseil et de nommer des membres indépendants. La gouvernance est de manière générale peu satisfaisante (diversité, durée du mandat, droit de vote double. Par ailleurs, la transparence de la société sur les critères de performance est également à améliorer. De plus, la transparence de la société concernant les politiques de rémunération pour l'exercice 2019.

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