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 releases01/02/2018

2017 brought strong business development and positive EBIT at Sines

Fact

In 2017, Sines contributed €6m in revenues: +40% yoy, refining products +80%, accounting for 65% of the top-line. The unit delivered a 25% EBITDA margin and a positive EBIT.


Analysis

The revenues were broadly in line with our expectations. Sines benefited from the increasing value-added of its products, through contracts with large clients such as GALP Energia (which bought five batches of gasoil and became the largest client) and SOPREMA. The industrial performance also helped: production was at 22kt (+30% yoy; design capacity is 30kt/year).

Marseille: construction of this 30 kt/year unit should start in mid-2018 and operations start in early 2019; the supply contracts already signed should fill 65% of the unit’s potential. Antwerp (60kt/year) should follow with a 12 months time lag.

The prospective Suez Canal project and the Mini-P2R technology are part of the company’s growth runway.

The results confirm our upbeat view on the opportunities related to Ecoslops’ business model and development potential.


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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