reports
Gaussin S.A.: 1 director
A director at Gaussin S.A. sold 247,728 shares at 0.975EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Felix Brunotte
EPS cut (2017: from € -0.11 to -0.13, 2018: from € -0.04 to -0.04)...
EPS CHANGE CHANGE IN EPS2017 : € -0.13 vs -0.11 ns 2018 : € -0.04 vs -0.04 ns Based on the fact that we were expecting something like 78m diluted shares (average) at the end of 2017 vs 70m realised, this has a dilutive impact on EPS (lower number of shares for an unchanged loss expected).
- Felix Brunotte
Gaussin launched a capital increase of €2.5m
Gaussin launched a capital increase of €2.5m FINANCING ISSUE FACT Gaussin launched a capital increase of €2.5m at €0.14 per share, namely c.18m new shares. In accordance with the decisions taken by the boards of directors on 16 January 2018, making use of the delegations given by the EGM on 15 June 2017, it was decided to proceed with reserved capital increases, with a subscription period expiring on the 30 January 2018. All subscriptions were received before the expiry of the subscrip...
- Felix Brunotte
Target cut by -51.0% (Gaussin)
TARGET CHANGE CHANGE IN TARGET PRICE€ 0.25 vs 0.50 -51.0% As we have reduced our forecasts for 2017 and 2018 (we now expect negative EBITDA and earnings for these two years), the peers-based valuation method suffers: as EBITDA is forecast to remain negative over the next 18 months, the EV/EBITDA valuation generates a nil valuation, which is a very penalising due to its weight in the overall target price. In a similar way, the P/E valuation gives a 50% valuation compared to the current share p...
- Felix Brunotte
Gaussin H1: disappointing but some improvements
Key information: • Revenues: €2.1m after audit vs €5.7m previously announced and vs €4.9m in 6m 16. • EBITDA: €-3.3m vs €-3.8m in 6m 16. • Net income: -€5m vs -€9.7m in 6m 16. • Cash and cash equivalents: €6.6m thanks to the issue of a new convertible bond. • Order book: €82m.
- Felix Brunotte
Financial freedom by 2019? (Gaussin)
Financial freedom by 2019? TARGET CHANGE CHANGE IN TARGET PRICE€ 0.53 vs 0.61 -12.2% Note that we changed our recommendation from a Call option recommendation (held for almost two years) to a Buy in June 2017. We believe that the debt restructuring and the strong guidance (namely €18m of revenue and a positive reported net profit for FY17) are positive elements. We believe that the company could become cash break-even from 2019 onwards, which would be a very positive element and a strong c...
- Felix Brunotte
- Felix Brunotte
Further dilution expected (Gaussin)
Further dilution expected TARGET CHANGE CHANGE IN EPS2017 : € 0.02 vs -0.01 ns 2018 : € 0.05 vs 0.06 -13.4% As the company has issued a guidance for the first time, we have decided to take it into account and trust management. As a consequence, we have now revised upwards our 2017 EPS into positive territory. CHANGE IN NAV€ 0.71 vs 0.90 -20.6% As we expect further dilution following the AGM (114m shares by 2018 versus 78m shares previously), our NAV has been decreased. The main other c...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Felix Brunotte
Yellow flags: another capital increase expected
Key information: • Revenue of €4.9m after auditing vs €9.1m announced in June 2016. • Operating income at €-4.9m vs -4.5m in H1 15. • Net income at €-9.7m vs €-4.9m in H1 15. • Equity at €9.3m. • Cash and cash equivalents at €3.8m at 30 September 2016. • Order book down by 14% due to cancellation
- Felix Brunotte
Target cut by -39.4% (Gaussin)
TARGET CHANGE CHANGE IN TARGET PRICE€ 0.63 vs 1.02 -39.0% We were previously expecting several capital increases over the 2016-2018 period at €1 per share. Now that the share price has collapsed, we no longer expect capital increases at €1 per share but rather at €0.50 per share, resulting in higher dilution. Hence, we have sharply reduced our target price. CHANGE IN EPS2016 : € -0.45 vs -0.07 ns 2017 : € -0.01 vs 0.04 ns Concerning the EPS, we now expect a significant net loss for...
Issue of convertible bonds does not change the big picture (Gaussin)
Issue of convertible bonds does not change the big picture EPS CHANGE CHANGE IN TARGET PRICE€ 1.11 vs 1.10 +1.02% Following a decrease in our forecast of WCR, net debt has been lowered. As a result, the EV/EBITDA peer valuation increased sharply and compensated for the decrease in our DCF, resulting in an unchanged target price and recommendation. CHANGE IN EPS2016 : € -0.07 vs -0.05 ns 2017 : € 0.04 vs 0.04 -1.55% As we have changed the timeline for the capital increases following the ...
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