FLASH - Ecoslops - Strong Buy - TP: €10.40
Ecoslops reported H2 sales below our expectations due to a slower ramp-up at La Mède partly offset by a better product mix. We are therefore lowering our 2022 forecast. For 2023, the delay in the installation of the first Scarabox in Cameroon, which should serve as a commercial showcase, leads us to expect only one sale (vs. 2 previously) and thus to lower our 2023 estimates.Ecoslops SA. Ecoslops SA is a France-based company principally engaged in the converting pertroleum residues from shipping (slops and sludge) in new marine fuels recycled. The Company offers seaports, residues collectors, ship-owners and bunker suppliers with a technology to recycle oily waste of ships. Ecoslops SA is active in promoting the development of the P2R unit by its incorporation in a more global plant: Oil Waste Processing Plant (OW2P). The OW2P technology combines a refining petroleum process (P2R) with appropriate clean water. The Company recycles the waste in order to be used in electricity production and steam production among others. The Company's fuel production is located in the port of Sines, Portugal.
Portzamparc is a subsidary of BNP Paribas which adapted the mission to contribute to responsible and sustainable growth of private clients, management companies and SMEs . They offer personalized support adapted to the objectives in particular for Small and Medium-Sized Enterprises.
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