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.
  • TickerECONT
  • ISINBE0974313455
  • ExchangeEuronext Brussels
  • SectorSoftware & Computer Services
  • CountryBelgium
Amira Manai ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Hana Souissi
  • Jeremy Garnier
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Nada Afli
  • Nadine El Ouni
  • Nicolas David
  • Nicolas Thorez
  • Nour El Houda Hammami
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Slim Bouasker
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 11/09/2020

...

Charles Lepetitpas ...
  • Nada Afli
  • Nicolas David
  • Salma Bouraoui

Econocom : Momentum set to continue to improve

>Good-quality FCF in H1 2020 - Econocom had already reported its full H1 2020 results last July. The presentation meeting was mainly an opportunity to go into more detail, notably on: FCF: though in negative territory, as usual in H1, FCF in H1 2020 (-€ 127m) was broadly good quality in that it includes € 44m of investment in TMF which should be refinanced in H2. WC is under control, with an increase of “just” € 88m (vs € 133m in H1 2019), without recourse to cos...

Charles Lepetitpas ...
  • Nada Afli
  • Nicolas David
  • Salma Bouraoui

Econocom : L’amélioration du momentum devrait se poursuivre

>Le FCF S1 2020 est de bonne qualité - Econocom avait déjà publié l’ensemble de ses résultats S1 2020 en juillet dernier. La réunion de présentation a surtout été l’occasion de rentrer dans le détail, notamment au niveau : Du FCF : bien que négatif comme traditionnellement au S1 le FCF du S1 2020 (-127 M€) est globalement de bonne qualité dans la mesure où il intègre 44 M€ d’investissement dans TMF qui seront a priori refinancés au S2. Le BFR est bien maîtrisé, a...

Guy Sips ...
  • Jason Kalamboussis
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AKA FP, AKZA NA, ECONB BB, FLOB BB, HEIA NA, NN NA

AKKA: On the road to recovery / BS in line with exp. Akzo Nobel: 3Q top line close to last year’s levels Econocom: CMD: 2020 & 2021 guidance Floridienne: Announced the sale of its German subsidiary IKA Heineken: Enters Peruvian beer market NN Group: ATHORA (VIVAT LIFE) 1H results read across

Guy Sips ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: BCART BB, ECONB BB, IBAB BB, OXUR BB, RES BB

Biocartis: Additional developments with LifeArc Econocom: Strengthens Education through bolt-on IBA: 4-room P+ contract in China Oxurion: Phase II start for pKal THR-149 in DME Resilux: Nice 15.7% y/y increase in added value

Econocom Group: 1 director bought

A director at Econocom Group bought 103,286 shares at 1.634EUR and the significance rating of the trade was 68/100. 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 boa...

Charles Lepetitpas ...
  • Nada Afli
  • Nicolas David
  • Salma Bouraoui

Econocom : Momentum set to continue to improve

>Good-quality FCF in H1 2020 - Econocom had already reported its full H1 2020 results last July. The presentation meeting was mainly an opportunity to go into more detail, notably on: FCF: though in negative territory, as usual in H1, FCF in H1 2020 (-€ 127m) was broadly good quality in that it includes € 44m of investment in TMF which should be refinanced in H2. WC is under control, with an increase of “just” € 88m (vs € 133m in H1 2019), without recourse to cos...

Charles Lepetitpas ...
  • Nada Afli
  • Nicolas David
  • Salma Bouraoui

Econocom : L’amélioration du momentum devrait se poursuivre

>Le FCF S1 2020 est de bonne qualité - Econocom avait déjà publié l’ensemble de ses résultats S1 2020 en juillet dernier. La réunion de présentation a surtout été l’occasion de rentrer dans le détail, notamment au niveau : Du FCF : bien que négatif comme traditionnellement au S1 le FCF du S1 2020 (-127 M€) est globalement de bonne qualité dans la mesure où il intègre 44 M€ d’investissement dans TMF qui seront a priori refinancés au S2. Le BFR est bien maîtrisé, a...

Guy Sips ...
  • Jason Kalamboussis
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AKA FP, AKZA NA, ECONB BB, FLOB BB, HEIA NA, NN NA

AKKA: On the road to recovery / BS in line with exp. Akzo Nobel: 3Q top line close to last year’s levels Econocom: CMD: 2020 & 2021 guidance Floridienne: Announced the sale of its German subsidiary IKA Heineken: Enters Peruvian beer market NN Group: ATHORA (VIVAT LIFE) 1H results read across

Guy Sips ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: BCART BB, ECONB BB, IBAB BB, OXUR BB, RES BB

Biocartis: Additional developments with LifeArc Econocom: Strengthens Education through bolt-on IBA: 4-room P+ contract in China Oxurion: Phase II start for pKal THR-149 in DME Resilux: Nice 15.7% y/y increase in added value

Charles Lepetitpas ...
  • Nicolas David

Econocom : H1 results better than expected and a positive message on H2

>Improvement in TMF in Q2 - Econocom published its definitive Q2/H1 2020 results yesterday evening, confirming the good numbers announced in advance on 10 July. As announced, H1 sales came out at € 1,240m, down 12.5%. The decline in activity growth thus remained significant in Q2, in line overall with Q1. The trends differ by division, however: after a very difficult Q1 (-16.2% y/y), TMF activity saw a reduction in the fall in growth in Q2 (-11.7%). Conversely, the DS...

Tony Lebon

Different risk profiles, two Buy opportunities in the convertible bonds space

We discuss in this report the key topics to have in mind when analyzing services companies such as Econocom and Indra Sistemas in the context of the Covid-19 crisis: cyclicality of the various activities, geographical mix, variable vs fixed costs, temporary variabilization of the cost base thanks to partial unemployment (with different mechanisms depending on the jurisdictions), liquidity and debt maturity profile, questions around non-recourse factoring, shareholding structure, ...

Tony Lebon

Different risk profiles, two Buy opportunities in the convertible bonds space

We discuss in the report the key topics to have in mind when analyzing services companies such as Econocom and Indra Sistemas in the context of the Covid-19 crisis: cyclicality of the various activities, geographical mix, variable vs fixed costs, temporary variabilization of the cost base thanks to partial unemployment (with different mechanisms depending on the jurisdictions), liquidity and debt maturity profile, questions around non-recourse factoring, shareholding structure, a...

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...

Amira Manai ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Hana Souissi
  • Jeremy Garnier
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Nada Afli
  • Nadine El Ouni
  • Nicolas David
  • Nicolas Thorez
  • Nour El Houda Hammami
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Slim Bouasker
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 11/09/2020

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/24/2020

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 24/04/2020

...

ECONOCOM GROUP sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ECONOCOM GROUP (BE), a company active in the Computer Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 14, 2020, the closing price was EUR 2.14 and its potential was estimated at EUR 2.40.

Expert Corporate Governance Service (ECGS)

Econocom Group – AGM 19 May 2020

Covid-19 Emergency   In view of the Covid-19 pandemic and the measures and recommendations taken by the public authorities in Europe and Belgium, the Meetings will be organised by videoconference or teleconference.   ANNUAL GENERAL MEETING   Item 6.i: This proposal seeks shareholder approval to re-appoint Mrs. Adeline Challon-Kemoun as director of the Company for a duration of 4 years. Mrs Challon-Kemoun is independent for both the company and ECGS, but she attended 66% of board meetings in 2019 and 40% in 2018, far below the 75%-threshold tolerated by ECGS. We recommend to oppose.   I...

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