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.

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Stock data

Market cap.€130.8m
Last close€11.26
High / Low (52 weeks)€15.4 / €10.9
Stock market listingEU
Forecast net cash (€m)2.4
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(4.8)(2.6)(27.4)
Relative *(0.2)2.7(32.5)

* % 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 32.6 18.8
2014A 81.2 9.8 8.1 47.8 23.6 45.0
2015E 102.0 8.3 4.8 27.2 41.4 14.4
2016E 120.8 12.9 8.3 48.6 23.2 13.6

Last updated on 23/06/2015

Investment summary

Sales volatility continued in Q115, with revenue down 16% y-o-y, but new orders up 86% to a record high of €41m. This illustrates how important it is for investors to look at the long-term trends rather than short-term revenue swings. Given the strong order book, we expect Store Electronic Systems's Q2 revenue to return to growth and if new orders continue at this level for the remainder of the year, our €102m revenue forecasts should be achieved despite the weak Q1.

Last updated on 29/06/2015

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 29/06/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
Argenteuil
95100
France
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