Store Electronic Systems (SESL)

Business description

Store Electronic Systems (SES) is the leading provider of electronic shelf labels (ESL) for large-scale food and non-food retailers. Its labels allow automated price changes, thereby reducing labelling costs and pricing errors.

Share price chart

Share chart

Stock data

Market cap.€151m
Last close€12.98
High / Low (52 weeks)€14.5 / €10.9
Stock market listingEU
Forecast net cash (€m)7.4
Forecast gearing ratio (%)N/A

Price performance

Relative *(1.7)(2.1)(19.5)

* % Relative to local index

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Company news

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 82.3 9.5 6.0 34.5 37.6 20.2
2014A 81.2 9.1 6.3 32.7 39.7 N/A
2015E 107.1 9.6 5.1 28.9 44.9 12.6
2016E 125.8 12.4 6.8 38.6 33.6 15.1

Last updated on 23/11/2015

Investment summary

Over the last 18 months, Store Electronic Systems (SES) has transformed its business, investing in a range of next-generation electronic shelf labels (ESLs) and extending its distribution network into the Americas and Asia. The new labels are generating strong interest from the existing food retailer base as well as from non-food retailers, but with their production runs still relatively small, they are margin dilutive. We see significant upside for earnings as sales growth leads to operational gearing benefits.

Last updated on 19/11/2015

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. ABI research backs this view and forecasts that industry revenue will increase sixfold to almost US$2bn by 2019.

Last updated on 03/11/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
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