Report

EPS cut (2017: from € -0.11 to -0.13, 2018: from € -0.04 to -0.04) (Gaussin)

EPS CHANGE

CHANGE IN EPS2017 : € -0.13 vs -0.11 ns
2018 : € -0.04 vs -0.04 ns
Based on the fact that we were expecting something like 78m diluted shares (average) at the end of 2017 vs 70m realised, this has a dilutive impact on EPS (lower number of shares for an unchanged loss expected).
Underlying
Gaussin SA

Gaussin SA. Gaussin SA is a France-based company that is principally engaged in the design, manufacturing and marketing of industrial and port trailers and self-propelled barges. The Company manufactures trailers and other transport solutions for use in the industrial sector and the shipping and aviation industries. Gaussin SA sells and leases its products to clients and also provides after-sales services and replacement parts. It is present in such markets as transportation, raw materials and manufacturing, as well as the environment. In addition, the Company offers various services, including audit, rental, training, credit, maintenance, and 24 hours servicing. Gaussin is present through sales networks throughout the world. The Company operates through a number of direct and indirect subsidiaries, including Event, Leaderlease SA, SCI Hall 7, SCI Hall 8, and affiliated companies, such as Metalliance, Sofimmob and Triangle SCES Industrie.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Analysts
Felix Brunotte

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