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.€170.8m
Last close€14.700
High / Low (52 weeks)€16.6 / €10.8
Stock market listingNYSE Euronext
Forecast net cash (€m)22.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(6.3)(8.5)32.9
Relative *(3.5)(7.1)17.6

* % 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 41.6 27.8
2013A 82.3 9.1 6.6 38.8 37.9 26.2
2014E 100.2 12.0 9.5 57.0 25.8 15.7
2015E 119.4 17.4 14.8 88.9 16.5 9.6

Last updated on 18/06/2014

Investment summary

In June Store Electronic Systems (SES) announced a partnership with supply chain and stock management solutions provider RGIS LLC. This agreement should help to realise SES's vision of making a more intelligent integrated store where pricing, merchandising, stock control and many other aspects of retail logistics are fully integrated. The demonstration of SES's and Atos's 3D digital mock-up of a hypermarket to help employees manage the store and customers find products also demonstrates this vision. With the addition of functionality such as this the economic case for adoption of ESLs strengthens and SES is well placed to take advantage of that.

Last updated on 30/06/2014

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.

Last updated on 30/06/2014

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
Argenteuil
95100
France
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