Industrial Equipment, Goods & Services equity research

Explore the latest equity research for companies who manufacture industrial equipment, goods, or related services. Sectors include Defense & Aerospace, Electrical & Electronic Equipment, Transport & Logistics, Industrial & Construction Supplies, and Waste Services.

Industrial Goods & Services

Explore the latest equity research for companies who manufacture industrial goods, or related services. Sectors include Defense & Aerospace, Electrical Equipment, Transport & Logistics, Industrial & Construction Supplies, and Waste Services.

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Gaussin

Financial freedom by 2019? (Gaussin)

Financial freedom by 2019? TARGET CHANGE CHANGE IN TARGET PRICE€ 0.53 vs 0.61 -12.2% Note that we changed our recommendation from a Call option recommendation (held for almost two years) to a Buy in June 2017. We believe that the debt restructuring and the strong guidance (namely €18m of revenue and a positive reported net profit for FY17) are positive elements. We believe that the company could become cash break-even from 2019 onwards, which would be a very positive element and a strong catalyst for the share price. Finally, in our view, Gaussin's dependence on capital increases is approaching an end (we forecast only a €5m capital increase in 2018). Gaussin's financial freedom will be significantly rewarded by the market. In anticipation of this, we have switched to a positive recommendation. CHANGE IN EPS2017 : € 0.00 vs 0.02 -76.2% 2018 : € 0.04 vs 0.05 -22.9% Following a Q2 that was disapointing relative to Q1, we have decided to lower our EPS forecasts. We now expect the company to be break-even in 2017 on an adjusted basis. We still expect Gaussin to deliver positive adjusted net income in FY 2018. CHANGE IN NAV€ 0.67 vs 0.71 -6.68% Following the issuance of convertible bonds, we have adapted our assumptions about the future capital increase, namely the conversion of debt into shares. We now expect this to takes place at c.€0.25 per share vs €0.30 previously, explaining all the decrease in our NAV. CHANGE IN DCF€ 0.76 vs 0.83 -8.51% Following the issuance convertible bonds, we have adapted our assumptions about the future capital increase, namely the conversion of debt into shares. We now expect this to takes place at c.€0.25 per share vs €0.30 previously, explaining all the decrease in our DCF.

  • 16 Aug 17
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