G.E.A, Sell Conviction
G.E.A, a French microcap specialized in highway toll collection equipment, does not communicate much and appears completely disinterested in its share price. Its accounts, however, are readily available and anyone who takes a look at them will necessarily contemplate a huge investment opportunity. The company achieved an EBITDA margin of nearly 20% in 2017, generated more than EUR 8 million in free cash flow and now has a net cash position of more than EUR 80 million... But capitalizes only EUR 110 million!
This could indeed be a huge opportunity.... Yet, we have a Sell opinion on the stock..
Grenobloise d'Electronique et d'Automatismes is a manufacturer of toll collection equipment. Co. offers to its clients Automated Toll Plazas (automatic toll lanes accepting all means of payment; automatic vehicle classification systems; audio and video systems providing real-time remote assistance to patron; integration of contactless smart card payment systems; and ETC systems compliant with CEN TC 278), and Car Park Access and Toll Control Systems (entry lane terminals; intermediary lanes for access to private areas; exit lane terminals; pedestrian access control terminals; automatic payment machines; manual payment machines; car park supervision servers; and central computer systems).
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