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 releases12/02/2017

Sines refining volumes 2016 in line with expectations; >98% of waste processed

Analysis

2016 revenues came in at €4.3m, beating our estimate (at €4.1m), growing from €2.3m in 2015 thanks to the ramp-up of the core business of micro-refining at Sines and sales of refined products (€2.2m vs. €0.3m in 2015).

During H2 16, Ecoslops started studies on the Marseille project at Total’s site.

Ecoslops confirms it aims at signing contracts for two new industrial units by end-2017; this would raise its outstanding balance to three projects, including Marseille.

The Sines unit processed more than 17kt of slops during 2016 (of which 11 kt in H2), in line with our expectations. Ecoslops transformed over 98% of waste into refined products. This proves the potential and quality of Ecoslops’ process.
The company reaffirmed it can treat 30kt of slops per year, as announced previously, and aims to process 25kt at Sines in 2017.

The success of Sines’ operations supports Ecoslops’ commercial proposition and should help to sign the next projects.


Target
Upside 82.8%
Price (€) 12.9
Market Cap (€M) 56.9
Perf. 1W: 3.61%
Perf. 1M: 13.2%
Perf. 3M: 10.7%
Perf Ytd: 13.2%
10 day relative perf. to stoxx600: 3.94%
20 day relative perf. to stoxx600: 12.0%
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