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.
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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%.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.