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.€145m
Last close€12.48
High / Low (52 weeks)€14.5 / €10.9
Stock market listingEU
Forecast net cash (€m)2.4
Forecast gearing ratio (%)N/A

Price performance

Relative *16.516.8(17.7)

* % 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 36.2 20.8
2014A 81.2 9.8 8.1 47.8 26.1 49.9
2015E 102.0 8.3 4.8 27.2 45.9 15.9
2016E 120.8 12.9 8.3 48.6 25.7 15.0

Last updated on 18/08/2015

Investment summary

Store Electronic Systems (SES) has been selected as a finalist for the e-commerce awards 2015 as part of Paris Retail Week. The specific product that has been selected is the NFC-enabled ESL, which allows customers to scan items as they go using their NFC smartphone. Discount vouchers can be automatically applied and payment can be made at the till without unloading the basket. Its selection as a finalist demonstrates SES's focus on innovation, which is important in keeping it ahead of its peers and maintaining margins.

Last updated on 01/09/2015

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 01/09/2015

Key management

Thierry Gadou, CEO
Pascale Dubreuil , CFO

Company address

39 rue de Montigny
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