Store Electronic Systems (SESL)

Business description

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

Share price chart

Share chart

Stock data

Market cap.€144m
Last close€12.43
High / Low (52 weeks)€14.5 / €10.9
Stock market listingEU
Forecast net cash (€m)6.9
Forecast gearing ratio (%)N/A

Price performance

Relative *(3.4)10.6(11.9)

* % 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)
2013A 82.3 9.5 6.0 34.5 36.0 20.7
2014A 81.2 9.8 8.1 47.8 26.0 49.7
2015E 102.0 8.3 4.8 27.2 45.7 13.0
2016E 120.8 12.9 8.3 48.6 25.6 11.9

Last updated on 21/09/2015

Investment summary

Following on from a weak Q1, SES has delivered an improved second quarter with revenue up 13% year-on-year and 47% sequentially. Gross margin was 200bp lower y-o-y, but better than we expected given the US dollar strength and mix of newer, lower-margin products. The order book stands at a record €101m, much of which is expected to be delivered in H2 with the strength primarily coming from significant Imagotag deployments in Scandinavia, Spain and Eastern Europe.

Last updated on 29/09/2015

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 29/09/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
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