VusionGroup : Solid operating performance in H1. Target price raised to € 190
>Excellent performance from VCM in H1 though the bottom line is lower - For H1 and on adjusted revenues (reported in July) up 13% at € 431m, the adjusted rate for VCM works out at 28%, up 380bp thanks to the latest product innovations (EdgeSense notably) which are seeing lower cost prices and, to a lesser extent in view of the limited growth in H1, economies of scale. With the opex/revenues ratio up 150bp to 14.3% (corporate function hiring + US), adjusted EBITDA cam...Ses Imagotag SA Formerly known as Ses-Imagotag SA. Ses Imagotag SA is a France-based company, which designs and markets electronic shelf labeling systems for food and non-food retail industries. The Company's solutions include store electronic systems (SES), electronic labels, software, radio and mounting systems. The Company's solutions are designed for every type of retail environment, including hypermarkets, supermarkets, electronics stores, garden centers, pharmacies and service stations. The Company's products are distributed in approximately 50 countries worldwide. Ses Imagotag SA's main clients include Intermarche, E. Leclerc, Monoprix, Groupe Casino, Carrefour and Auchan. The Company has a global presence, through its own subsidiaries and representations, in Italy, Spain, the United Kingdom, Scandinavia, Canada, Mexico and Singapore, as well as more than 60 international partners. It operates through imagotag GmbH, a manufacturer of electronic components.
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.
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