Report
Aurelien Sivignon

SES - imagotag : H1 results lower than our expectations due to the dollar impact – growth targets reaffirmed for 2019 and 2020 – € 37 target price (vs € 37.5)

>H1 2019 EBITDA at € 3.1m (vs € 0.1m n H1 2018 and € 7.5m est.) - SES-imagotag's H1 2019 results, reported yesterday, fell short of our expectations, due mainly to pressure from a stronger dollar. On sales growth of +50% to € 121.4m, EBITDA came in at € 3.1m (vs € 7.5m est.), i.e. a margin of 2.6%. Operating profit came in at -€ 3.9m (vs € 0.9m est. and -€ 6.5m in H1 2018) while net profit came to -€ 4.9m (vs -€ 4.7m in H1 2018 and € 0.1m est.).The dolla...
Underlying
SES-imagotag SA

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.

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
Aurelien Sivignon

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