reports
- Kulwinder Rajpal
Factoring in the dilution from CSG and a deterioration in the 2023 per...
Factoring in the dilution from CSG and a deterioration in the 2023 performance OPINION CHANGE CHANGE IN OPINION Reduce vs Buy CHANGE IN EPS 2023 : € (0.02) vs 0.03 ns 2024 : € 0.05 vs 0.11 -55.4% We have trimmed our EPS estimates after the group withdrew its sales guidance. With sales now expected to be lower than €100, we believe that there is a threat to licensing revenues, which directly add to profits. Additionally, vehicle sales could also be impacted, which would lead to under-absorpt...
- Kulwinder Rajpal
CSG could take the wheel
CSG could take the wheel SHAREHOLDING STRUCTURE Last week Gaussin announced a strategic partnership with Czechoslovak Group (CSG) that will also lead to an injection of €15-25m in funds which is (much) needed for the advancement of Gaussin’s ambitions. As a consequence of this partnership there will be changes to the company’s Board and Executive Committee, and some possible dilution. FACT Key highlights First tranche of €15m already paid The remaining €10m to be paid as required Shareholde...
- Kulwinder Rajpal
The H1 results were below expectations but the sales outlook was reite...
The H1 results were below expectations but the sales outlook was reiterated; further dilution in store? EARNINGS/SALES RELEASES Gaussin sales for the first semester of 2023 were half the level of the previous year mainly due to a decline in the sales of port vehicles as well as Metalliance (underground activities). In the wake of the Amazon orders, inventories also increased significantly. Moreover, the group recently raised funds via equity financing which has led to dilution. This arrangemen...
- Kulwinder Rajpal
Updated forecasts post the H1 release and the impact of warrant issuan...
Updated forecasts post the H1 release and the impact of warrant issuance TARGET CHANGE CHANGE IN TARGET PRICE € 2.96 vs 4.90 -39.5% Our target price goes down following downgrades across the DCF, NAV and peer based valuations. Recent dilution has been a major factor in this and, given that Gaussin will require funding to scale up manufacturing, future equity dilution cannot be ruled out and hence remains a key risk to consider. CHANGE IN EPS 2023 : € 0.03 vs 0.28 -89.9% 2024 : € 0.11 vs 0.4...
- Kulwinder Rajpal
An opportunistic addition but integration will be key
An opportunistic addition but integration will be key M&A /CORP. ACTION Gaussin in partnership with Macnica has acquired Navya, the Lyon-based start-up that develops autonomous shuttles. This is an opportunistic transaction in two ways. First, Gaussin has taken over only the assets of the business, and second, this acquisition offers growth avenues for both companies. FACT Gaussin and Macnica acquire the assets of Navya for €1.4m ANALYSIS Gaussin and Macnica have together acquired 100% o...
- Kulwinder Rajpal
Greening up transport in closed spaces
Greening up transport in closed spaces INITIATION COV. Founded in 1880 by Eugène Gaussin, and currently headed by Christophe Gaussin, Gaussin is an engineering company that designs, assembles, and sells innovative products and services in the transport and logistics sectors. Gaussin’s know-how spans across off- and on-road vehicles (manned and autonomous), with expertise in the integration of all types of batteries (electric and hydrogen fuel cells). It also owns a subsidiary in Metalliance, w...
Robotic Research and Gaussin Sign Strategic Agreement to Create Autono...
CLARKSBURG, Md.--(BUSINESS WIRE)-- Robotic Research, LLC (), a global leader in autonomous driving technology and solutions, today announced a strategic agreement with Gaussin (EURONEXT GROWTH: ALGAU – FR0013495298), pioneers in clean and intelligent freight and transportation solutions. Under the terms of the agreement, Gaussin will incorporate Robotic Research’s AutoDrive® Autonomous Driving Kit into its growing fleet of zero-emission yard trucks, heavy-duty logistics vehicles, and shuttle buses for sale in global markets. This press release features multimedia. View the full release here: ...
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