Report
Nicolas Thorez

Netgem : Un recul qui s’accentue au T2 –Un recentrage toujours pas évident dans les chiffres – Bonne maitrise du cash

>Forte contraction de l’EBIT à -0.1 M€ (vs ODDO BHF 0.7 M€e) - Netgem a publié ce matin ses résultats S1 2019. Les chiffres ressortent globalement en-dessous de nos attentes. Après un T1 en forte baisse (-40%), la dégradation du CA s’accentue en séquentiel, avec une baisse de 46% à 6.5 M€e sur le T2 (vs ODDO BHF -28%e à 8.6 M€e). En parallèle, la marge brute du T2 ressort à 3.1 M€, repli équivalent à celui du CA (-46%) alors que la baisse de la MB a toujours été moins...
Underlying
Netgem SA

Netgem is a provider of Internet services through television. Co.'s solution enables businesses and communities to build one-to-one Web-based relationships with their customers and members by providing access to online services. Co.'s technology operates on a Linux-based open software platform and a thin-client access device. Co.'s Netgem Solution is available for standard telephone connection at 56kbs, ISDN lines, Ethernet connection (ADSL modems) and broadband cable (DOCSIS standard) Co. offers the Netbox, which transforms every television set into an Internet-enriched television using only a standard telephone connection.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Nicolas Thorez

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