Report
Aurelien Sivignon

SES - imagotag : Le COVID-19 assombrit les perspectives commerciales de 2020

>Des résultats FY en dessous de nos attentes / le cash-flow généré constitue néanmoins un facteur de satisfaction - SES-imagotag a publié hier ses résultats 2019. Ils ressortent en dessous de nos attentes. Du communiqué et suite à la conférence call, nous retenons les principaux points suivants :Pour un CA déjà publié de 247.6 M€ (+32% yoy), la marge sur coûts variables ressort à 59.5 M€, soit une marge de 20.4% (21.7%e) contre 25.9% en 2018. La MCV est donc en b...
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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