Le décollage continue et devrait accélérer au S2 - ACHAT - OC 11,6€ (vs 11,4€)
Le S1 fait ressortir une forte croissance du CA (+48%) et une réduction sensible des pertes. Cependant, cette croissance va devoir s’accélérer au S2 (+160%) pour atteindre les objectifs du groupe. Le backlog, qui atteint 13,8m€ au 19/09, vient sécuriser en partie notre prévision (CA 2017e 15,6m€) si la société parvient à délivrer. Cette publication nous amène à abaisser nos marges brutes 2017/20 ce qui a un impact sensible sur nos EBITA (-21% en 2020). Nous considérons néanmoins que le risque intrinsèque n’est plus qu’un risque d’exécution et abaissons notre prime spécifique d’1 pt. Notre nouvel objectif ressort à 11,6€ (vs 11,4€). Nous conservons notre opinion ACHAT.Engie Eps SA, formerly know as Electro Power Systems, is a France-based technology company. It focuses on energy storage systems and microgrids towards renewable sources and decentralized energy production. The Company owns a portfolio of hybrid energy storage systems (HyESS) offering fully integrated storage solutions for a wide range of applications, such as grid support and distributed energy solutions, microgrids and storage technologies, among others. The Company's technology is a spin-off of the Turin and Milan Polytechnics, is protected by 130 patents, registered in 33 countries worldwide and over 500 registered industrial secrets.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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