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.€152.9m
Last close€13.16
High / Low (52 weeks)€16.6 / €12.3
Stock market listingEU
Forecast net cash (€m)21.6
Forecast gearing ratio (%)N/A

Price performance

Relative *0.12.0(13.6)

* % 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 37.3 24.9
2013A 82.3 9.5 6.0 34.5 38.1 22.0
2014E 95.0 12.0 9.4 56.5 23.3 10.0
2015E 119.4 17.4 14.8 83.8 15.7 10.0

Last updated on 25/11/2014

Investment summary

Store Electronic Systems’ domestic sales showed strong growth in Q3 (up 14% y-o-y) as a result of modernisation of the installed base, but international sales were down 46% y-o-y due to a strong comparative and delays to roll-outs. We see the deteriorating global economic sentiment as a short-term headwind, but are optimistic that market growth will accelerate once sentiment improves. Revenue remains volatile and therefore the reduction in international sales in Q3 could quickly reverse back to strong growth in Q4/Q1.

Last updated on 01/12/2014

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

Last updated on 01/12/2014

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
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