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.€152.3m
Last close€13.11
High / Low (52 weeks)€16.6 / €11.9
Stock market listingEU
Forecast net cash (€m)4.6
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual3.2(8.4)(16.1)
Relative *(3.5)(19.4)(26)

* % 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 37.1 24.8
2013A 82.3 9.5 6.0 34.5 38.0 21.9
2014E 81.0 10.0 6.6 40.4 32.5 36.3
2015E 102.0 14.1 10.7 60.5 21.7 8.6

Last updated on 17/02/2015

Investment summary

Early in February, Intermarche announced the launch of contactless self-scanning that uses Store Electronic Systems' (SES) NFC technology. This offers a number of benefits including providing the consumer with personalised discount vouchers and the retailers with more information on their customers purchasing habits. Initially the self-scanning technology will only be provided in one store, but is important because it illustrates the potential of the technology and opens the door to further expansion in Intermarche and other retailers.

Last updated on 02/03/2015

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 02/03/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
Argenteuil
95100
France
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