Un potentiel différé - NEUTRE vs ACHAT - OC 10,9€ (vs 11,6€)
Grâce à un CA 2016 en forte hausse (+83%) et une bonne maîtrise des charges opérationnelles, la perte nette 2016 (-3,4m€) a fortement chuté (-41,4%). Si la montée en puissance de l’unité de Sinès est conforme au plan et nous permet de relever notre objectif de rentabilité opérationnelle normative (30% vs 25%), nous considérons que les délais probables d’obtention du permis de construire de l’unité de Marseille ne permettent plus d’envisager une production en 2018. Nous décalons par précaution celle-ci en 2019 et l’unité suivante en 2020. Notre nouvel objectif ressort à 10,9€ (vs 11,6€) et nous abaissons notre recommandation à NEUTRE (vs 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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