INVEST SECURITIES - Ecoslops : Rentabilité opérationnelle en vue - ACHAT vs NEUTRE, OC 15€ vs 13,8€
L'unité de Sines est rentable pour la première fois en 2017 (EBITDA de 1,4m€, un RN >0 et un FCF de 0,5m€). Au niveau groupe, les coûts d'exploitation sont stables (6m€) et l'EBITDA ressort à -0,3m€ (vs -2,9m€ en 2016). La trésorerie nette est de +1,1m€ (avec 100% des avances remboursables en dette dont une partie sera transformée en subvention en 2018). Suite à cette publication les modifications de nos BNA concernent essentiellement 2018 (-0,02€ vs -0,15€ préc). La baisse de notre WACC à 8,7% (vs 9,2% préc) nous conduit à relever notre OC de 13,8€ à 15€. Au regard du potentiel ainsi recréé, nous changeons notre recommandation de NEUTRE à ACHAT.Ecoslops SA. Ecoslops SA is a France-based company principally engaged in the converting pertroleum residues from shipping (slops and sludge) in new marine fuels recycled. The Company offers seaports, residues collectors, ship-owners and bunker suppliers with a technology to recycle oily waste of ships. Ecoslops SA is active in promoting the development of the P2R unit by its incorporation in a more global plant: Oil Waste Processing Plant (OW2P). The OW2P technology combines a refining petroleum process (P2R) with appropriate clean water. The Company recycles the waste in order to be used in electricity production and steam production among others. The Company's fuel production is located in the port of Sines, Portugal.
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