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.€160.3m
Last close€13.80
High / Low (52 weeks)€16.6 / €12.3
Stock market listingEU
Forecast net cash (€m)21.6
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual11.70.0(1.5)
Relative *5.4(2.5)(4.5)

* % 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)
2012A 63.0 8.2 6.4 35.3 39.1 26.1
2013A 82.3 9.5 6.0 34.5 40.0 23.0
2014E 95.0 12.0 9.4 56.5 24.4 10.5
2015E 119.4 17.4 14.8 83.8 16.5 10.5

Last updated on 31/10/2014

Investment summary

The introduction of NFC in the Apple iPhone 6 could be an important step in encouraging retailers to adopt electronic shelf labels. NFC-enabled shelf labels could provide consumers with more product information and retailers with increased advertising and merchandising opportunities. The value proposition therefore increases and as production costs fall the barriers to adoption narrow considerably. Store Electronic Systems is well placed to take advantage of this if retailers can be convinced of the value potential.

Last updated on 03/11/2014

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. ABI research backs this view and forecasts that industry revenue will increase sixfold to almost US$2bn by 2019.

Last updated on 03/11/2014

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
Argenteuil
95100
France
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