Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STORE ELECTRONIC. We currently have 5 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Record EUR98m order for non-food retailer
11 Dec 15
Store Electronics Systems (SES) has announced that it has won the largest ESL order in the history of the market. The €98m order from a leading electronic retailer headquartered in Germany follows on from a €35m order from the same customer, which is currently being executed. The order will see SES’s subsidiary Imagotag install its ESL systems in 1,000 stores across 14 countries, with a concentration of high-spec colour and NFC-enabled e-graphic labels. The contract will commence in Q116 and we assume that it will run over the next two years with a strongly positive impact on 2016 revenues.
The pieces are dropping into place
18 Nov 15
Over the last 18 months, Store Electronic Systems (SES) has transformed its business, investing in a range of next-generation electronic shelf labels (ESLs) and extending its distribution network into the Americas and Asia. The new labels are generating strong interest from the existing food retailer base as well as from non-food retailers, but with their production runs still relatively small, they are margin dilutive. We see significant upside for earnings as sales growth leads to operational gearing benefits.
Coming to a shelf near you
17 Nov 15
Store Electronics (SES) reported a more than doubling in y-o-y revenues in Q3 on 212% growth in international sales and a 16% increase in French revenues. The results reflect strong H1 order inflows arising from the transformation of SES’s product range and its international expansion efforts. We expect SES’s new products to continue to gain traction, and major new orders in markets so far resistant to ESLs. Europe should fuel the bulk of this growth in 2016-17 as ESL penetration is still less than 10% in the region compared with c 50% in France and Norway.
Record order book supports strong growth in H2
16 Sep 15
Following a weak Q1, Store Electronic Systems (SES) has delivered an improved second quarter with revenue up 13% year-on-year and 47% sequentially. Gross margin was 200bp lower y-o-y but better than we expected given the US dollar strength and mix of newer, lower-margin products. The order book stands at a record €101m, much of which is expected to be delivered in H2. Therefore, our revenue forecasts remain unchanged despite H1 reaching only 40% of our FY15e revenue forecasts.
€35m contract win and record order book
23 Jun 15
Store Electronic Systems (SES) has signed a €35m contract – its largest ever – with a leading German retailer, which extends the already record order intake announced in the Q1 trading update. Revenue was down 16% y-o-y in Q1, but the healthy order book provides a solid foundation to our €102m FY15e revenue forecast and shows market demand is growing. The strong US dollar and increasingly competitive market, however, are likely to put pressure on margins, and therefore we have reduced our FY15e gross profit forecast by 15%.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)