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    ALCLA   FR0004152882

CLASQUIN

(ALCLA)
  Report
Real-time Quote. Real-time Euronext Paris - 12/08 11:35:26 am
64.4 EUR   +0.31%
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CLASQUIN : 2021_09_01 CMCIC

09/02/2021 | 09:22am EST

Clasquin

Sponsored Research

France | Industrial Goods & Services

INDUSTRIAL GOODS & SERVICES

Analyser

2 September 2021

Further acceleration of growth in Q2

The facts: The H1 gross margin came out at €51.9m, +43.6% (same in organic), i.e. +50% in Q2 (of which +36.8% in organic) after +39% in Q1, illustrating the company's ability to accelerate the pace of growth again. Small acquisition in France (55.56% of Transports Petit International). In a market́expected to grow by +8%, including +5-7% for sea and +7-9% for air, management expects to very significantly outperform.

Our analysis: The group benefitted from a better oriented market, but still very unsettled, leading to a surge in freight rates (price effect), a favourable base effect, but above all from the success of the solutions proposed (gains in market share) with historical clients but also with new clients. Despite the health crisis, management continued to invest in growth drivers (opening of offices/countries, recruitment, launch of new solutions, etc.), which contributed to the outperformance. Thanks to the rebound of the RO/RO (truck by boat, +76%) and Other means of transport (+48%) divisions in Q2, all activities posted strong growth in H1. The performance was again ahead of our forecast: gross margin expected at €44.8m in H1 thanks to an above-expectation performance in sea freight.

Conclusion & Action: To take into account the good performance at the beginning

of the year, we have revised our 2021 scenario upwards: gross margin now expected at €100.7m, +32% vs. +15% expected previously and EBIT expected at €13.6m vs. €11.2m. Out of caution, we have not significantly changed our forecasts from 2022 onwards. Overall, our net income forecasts have been revised upwards by 9% on average. Thanks to a favourable newsflow, the stock should probably continue to rise (+56% y-t-d), which confirms our Buy opinion. Based on our scenario, our target price is raised from €61 to €63.

Analyst(s)

Claire Deray cd@sponsor-finance.com +33 6 18 49 29 35

For important disclosure information,

Page 1 of 1

please refer to the disclaimer page of this report

Disclaimer

Clasquin SA published this content on 02 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2021 13:21:04 UTC.


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Analyst Recommendations on CLASQUIN
More recommendations
Financials
Sales 2021 643 M 728 M 728 M
Net income 2021 14,2 M 16,0 M 16,0 M
Net Debt 2021 50,6 M 57,3 M 57,3 M
P/E ratio 2021 10,5x
Yield 2021 2,02%
Capitalization 147 M 165 M 166 M
EV / Sales 2021 0,31x
EV / Sales 2022 0,25x
Nbr of Employees 925
Free-Float 38,4%
Chart CLASQUIN
Duration : Period :
CLASQUIN Technical Analysis Chart | ALCLA | FR0004152882 | MarketScreener
Technical analysis trends CLASQUIN
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 64,20 €
Average target price 78,50 €
Spread / Average Target 22,3%
EPS Revisions
Managers and Directors
Hugues Morin Group Chief Executive Officer, MD & Director
Philippe Lons Chief Financial Officer, Director & Deputy MD
Yves Revol Executive Chairman
Frederic Serra Group Chief Information Officer
Benoit Comte Chief Operating Officer-France South
Sector and Competitors