Store Electronic Systems (SESL)

Business description

Store Electronic Systems (SES) is the leading provider of electronic shelf labels for the retail industry. Its labels enable automated price changes, thereby reducing labelling costs and pricing errors.

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Stock data

Market cap.€156.1m
Last close€13.44
High / Low (52 weeks)€16.6 / €10.8
Stock market listingEU
Forecast net cash (€m)22.9
Forecast gearing ratio (%)N/A

Price performance

Relative *(7.8)(12)12.6

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 63.0 8.2 6.4 35.3 38.1 25.4
2013A 82.3 9.1 6.6 38.8 34.6 23.9
2014E 100.2 12.0 9.5 57.0 23.6 14.3
2015E 119.4 17.4 14.8 88.9 15.1 8.8

Last updated on 18/08/2014

Investment summary

Store Electronic Systems (SES) has published interim results following the trading update on 31 July 2014. The strong international revenue growth (32% y-o-y) and the return to growth in France (5% y-o-y) were slightly lower than forecast, so while still believing that €100m of revenue is achievable for FY14e, we have lowered our forecast to €95m. This does not alter our positive outlook and we see the combination of SES’s leadership position in an underpenetrated but fast-growing market, with the potential for margin expansion, as drivers for sustainable mid- to long-term growth.

Last updated on 18/09/2014

Industry outlook

Electronic shelf labels have been used for over 20 years in some markets, such as France and Japan, but uptake internationally has been relatively limited until recently. However, interest in the industry has been growing and management views key markets such as the US, UK and Germany as being close to the tipping point where adoption will start to accelerate.

Last updated on 01/09/2014

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
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