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
Earnings/sales releases28/09/2017

Positive EBITDA at Sines

Fact

H1 17 revenues came in at €2.9m, almost doubling from H1 16. Sines posted its first positive EBITDA; group EBITDA was just below break-even but €1.8m higher vs. last year.
The net loss was €0.9m, a €2m improvement.


Analysis

These results highlight very strong project management and business development capabilities.

The increase in value-added products in the product mix resulted in a higher selling price per ton. As announced earlier this month, the company has already managed to complete two deliveries to the nearby Galp refinery in August.
At Sines, operating expenses declined thanks to a larger contribution of locally-sourced slops (vs. imported) and a further reduction in staff costs.
In 2018, some relatively inexpensive modifications may be made to the Sines plant which should lead to higher daily production volumes.

On the technology side, Ecoslops’s work on the mini-P2R (4-8,000 tons per year) is an attractive avenue for the company’s know-how. A plant should fit within a 20 feet container. The technology could require some hundred thousand euros for laboratory development, and a few millions euros for a first project. A mini-P2R plant would probably be moveable.


Impact

The release confirms our upbeat views on Ecoslops.


Target
Upside 114%
Price (€) 11.15
Market Cap (€M) 49.2
Perf. 1W: -5.91%
Perf. 1M: 2.76%
Perf. 3M: 54.9%
Perf Ytd: -2.19%
10 day relative perf. to stoxx600: -4.49%
20 day relative perf. to stoxx600: 5.59%
Updates

06 Apr 18 Earnings/sales releases
Lighter, greener, richer

01 Feb 18 Earnings/sales releases
2017 brought strong business development and...

30 Oct 17 EPS change
Integrating the capital increase

28 Sep 17 Earnings/sales releases
Positive EBITDA at Sines

23 May 17 EPS change
H2 16 update

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