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.€133m
Last close€11.45
High / Low (52 weeks)€16.1 / €11.2
Stock market listingEU
Forecast net cash (€m)7.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(10.4)(10.7)(28.7)
Relative *(12.4)(22)(39)

* % Relative to local index

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Company news

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 33.2 19.1
2014A 81.2 9.8 8.1 47.8 24.0 45.8
2015E 102.0 14.1 10.7 60.5 18.9 8.1
2016E 120.8 19.1 14.4 84.7 13.5 8.5

Last updated on 23/04/2015

Investment summary

Although revenue declined slightly y-o-y, core operating income improved by 4.8% from €6.2m to €6.5m as a result of efficiency gains and a favourable mix of business. Excluding the significant Scandinavian contract that rolled out in 2013, international revenue grew by 32% y-o-y and domestic revenue grew by 9.9%. We are optimistic that this trend will continue and expect the key drivers of growth to be Imagotag’s colour ESLs and improved economic conditions in the retail market.

Last updated on 23/04/2015

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 31/03/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
Argenteuil
95100
France
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