Update: Short-term headwinds, positive long-term outlook
FY14 domestic sales were up 9.4% y-o-y but international sales down €4.8m (10.9%) due to a strong comparative, increased competition and project delays. While the poor international performance is disappointing, we remain optimistic about the growth potential of the market and SES’s ability to maintain its leadership position. In the face of the increased competition, management is protecting margins by turning away what it believes are unsustainably cheap contracts. We have therefore lowered our FY15 revenue forecast by €17.4m (15%) to €102m, but increased our forecast gross margin to be in line with the 38% achieved in H114. The net effect is a 23% reduction in FY15e operating profit to €10.8m.Ses Imagotag SA Formerly known as Ses-Imagotag SA. 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.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.