AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Ecoslops

CR
Bloomberg   ALESA FP
Other Energies  /  France  Web Site   |   Investors Relation
The cleantech making oil residues green
EPS change05/10/2018

Solid Sines refinery performance

Change in EPS2018 : € -0.39 vs 0.03ns
2019 : € 0.04 vs 0.23-81.5%

The strong underlying performance of H1 18, and presumably H2, is largely absorbed by rising opex as the group invests in new sites and new technology. Our previous sales estimates were too optimistic as well, forcing a significant correction. 2019 is also negatively impacted by higher capex and a six month push-back on the delivery of the second processing unit.



Change in Target Price€ 24.0 vs 25.0-3.82%

The target price hardly changes as it is based on long-term intrinsic valuation metrics.



Change in DCF€ 25.4 vs 27.3-7.17%

The DCF is impacted by marginally higher near-term capex plans and a six-month push-back of the next two production sites.



Target
Upside 189%
Price (€) 8
Market Cap (€M) 35.3
Perf. 1W: 7.53%
Perf. 1M: 12.0%
Perf. 3M: -33.3%
Perf Ytd: -29.8%
10 day relative perf. to stoxx600: 10.1%
20 day relative perf. to stoxx600: 10.6%
Updates
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