SES Imagotag

Ses Imagotag SA is a France-based company, which designs and markets electronic shelf labeling systems for food and non-food retail industries. The Company's solutions include store electronic systems (SES), electronic labels, software, radio and mounting systems. The Company's solutions are designed for every type of retail environment, including hypermarkets, supermarkets, electronics stores, garden centers, pharmacies and service stations. The Company's products are distributed in approximately 50 countries worldwide. Ses Imagotag SA's main clients include Intermarche, E. Leclerc, Monoprix, Groupe Casino, Carrefour and Auchan. The Company has a global presence, through its own subsidiaries and representations, in Italy, Spain, the United Kingdom, Scandinavia, Canada, Mexico and Singapore, as well as more than 60 international partners. It operates through imagotag GmbH, a manufacturer of electronic components.
  • TickerSESL
  • ISINFR0010282822
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Aurelien Sivignon

SES - imagotag : A start to the year well above our expectations – Confirmation of growth at around 30% in 2019

>Q1 sales: € 52.2m (+90.5% y-o-y) - SES-imagotag published this morning Q1 sales well above our expectations: revenues came in at € 52.2m (+90.5% y-o-y and vs € 33.2m), while we anticipated the deployments of new contracts signed last year as from Q2. We note that order intakes totalled € 47.3m over the quarter, i.e. +28% y-o-y.Order intake: € 47.3m - Our key takeaways from the press release and ahead of today's conference call at 10.00 a.m. CET are:§...

Aurelien Sivignon

SES - imagotag : Contrasting full-year results due to the first half, but bright prospects for 2019 – TP raised to € 30 vs € 28.5

>2018 EBIT a loss of € 3.9m (vs our estimated loss of € 3.3m)  - SES-imagotag last night reported its full-year 2018 results. On revenue (already reported) of € 187.9m (+ 23% yoy), EBITDA came in below our expectations at € 6.5m (our forecast: € 7.5m) a margin of 3%. Unsurprisingly, EBIT was in the red to the tune of € 3.9m (vs our forecast loss of € 3.3m). The net loss was € 5.9m (vs our forecast loss of € 4m).Overall, the group’s results benefited from robust a...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2019

...

Aurelien Sivignon

SES - imagotag : Q4 topped expectations – New production sites are fully operational

>Q4 sales of € 65.5m (vs € 62.4m est.): +175.4% y-o-y - SES-Imagotag yesterday evening reported Q4 sales growth of 175.4% to € 65.5m, beating our estimate of € 62.4m (+162% est.). The ramp-up of new production sites for the group in Asia helped step up order deliveries. Note that the quarter was marked by a favourable comparative base (-40.1% in Q4 2017). Over the full year, sales totalled € 187.7m€, up 22.7%, beating the group’s guidance (growth of around 20%), and o...

Aurelien Sivignon

SES - imagotag : Un T4 supérieur aux attentes – Les nouveaux sites de production sont totalement opérationnels

>CA T4 de 65.5 M€ (vs 62.4 M€e) : +175.4% yoy - SES-Imagotag a publié hier soir un CA T4 en croissance soutenue de 175.4% à 65.5 M€, supérieur à notre estimation de 62.4 M€e (+162%e). La montée en puissance des nouveaux sites de production du groupe en Asie ont permis d’accélérer les livraisons des commandes. Rappelons que le trimestre est aussi marqué par un effet de base très favorable (-40.1% au T4 2017). Sur l’année, les ventes s’établissent à 187.7 M€, en hausse ...

Aurelien Sivignon

SES - imagotag : A start to the year well above our expectations – Confirmation of growth at around 30% in 2019

>Q1 sales: € 52.2m (+90.5% y-o-y) - SES-imagotag published this morning Q1 sales well above our expectations: revenues came in at € 52.2m (+90.5% y-o-y and vs € 33.2m), while we anticipated the deployments of new contracts signed last year as from Q2. We note that order intakes totalled € 47.3m over the quarter, i.e. +28% y-o-y.Order intake: € 47.3m - Our key takeaways from the press release and ahead of today's conference call at 10.00 a.m. CET are:§...

Aurelien Sivignon

SES - imagotag : Contrasting full-year results due to the first half, but bright prospects for 2019 – TP raised to € 30 vs € 28.5

>2018 EBIT a loss of € 3.9m (vs our estimated loss of € 3.3m)  - SES-imagotag last night reported its full-year 2018 results. On revenue (already reported) of € 187.9m (+ 23% yoy), EBITDA came in below our expectations at € 6.5m (our forecast: € 7.5m) a margin of 3%. Unsurprisingly, EBIT was in the red to the tune of € 3.9m (vs our forecast loss of € 3.3m). The net loss was € 5.9m (vs our forecast loss of € 4m).Overall, the group’s results benefited from robust a...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2019

...

Aurelien Sivignon

SES - imagotag : Q4 topped expectations – New production sites are fully operational

>Q4 sales of € 65.5m (vs € 62.4m est.): +175.4% y-o-y - SES-Imagotag yesterday evening reported Q4 sales growth of 175.4% to € 65.5m, beating our estimate of € 62.4m (+162% est.). The ramp-up of new production sites for the group in Asia helped step up order deliveries. Note that the quarter was marked by a favourable comparative base (-40.1% in Q4 2017). Over the full year, sales totalled € 187.7m€, up 22.7%, beating the group’s guidance (growth of around 20%), and o...

Aurelien Sivignon

SES - imagotag : Un T4 supérieur aux attentes – Les nouveaux sites de production sont totalement opérationnels

>CA T4 de 65.5 M€ (vs 62.4 M€e) : +175.4% yoy - SES-Imagotag a publié hier soir un CA T4 en croissance soutenue de 175.4% à 65.5 M€, supérieur à notre estimation de 62.4 M€e (+162%e). La montée en puissance des nouveaux sites de production du groupe en Asie ont permis d’accélérer les livraisons des commandes. Rappelons que le trimestre est aussi marqué par un effet de base très favorable (-40.1% au T4 2017). Sur l’année, les ventes s’établissent à 187.7 M€, en hausse ...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jeremy Garnier
  • Nicolas David
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 10/24/2018

...

Charles Pinel

Etude de l'AG du 23/06/2017

Bien que le conseil ne soit pas majoritairement composé de membres libres de conflits d'intérêts potentiels, les renouvellements de mandats proposés seront soutenus car ils concernent des administrateurs indépendants ou qui représentent les principaux actionnaires à l'exception du Président-Directeur Général. Pour ce dernier, les actionnaires pourront critiquer le cumul des fonctions et l'absence de mise en place de contre-pouvoirs (résolutions 12 à 16). La société propose deux résolutions portant sur la rémunération attribuable au Président-Directeur Général au titre de l'exercice 2016 ("Say...

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