(Boursier.com) — Entech fell by 1.5% return on 9 euros, while the technology company specializing in the storage and intelligent management of renewable energies, recorded as of September 30, 2023 a half-year turnover of 17.6 MEUR (+ 37%). This growth was nevertheless slowed down by schedule postponements on certain client projects which mechanically impacted operational profitability for the first half.
With an order book at the end of September growing by +64%, Entech is aiming for a 2nd half in progress and reaffirms its medium-term objectives for 2025 (financial year ending 03.31.2026), i.e. a turnover of around 130 ME and an EBITDA margin of around 20%.
As of September 30, 2023, the gross margin rate increased by almost one point to stand at 28.7% of turnover compared to 27.9% as of September 30, 2022. This increase demonstrates good management purchasing and team agility to position itself in market segments with higher added value.
Fixed assets increased by 706 KE due in particular to the immobilization of ‘R&D’ projects amounting to 2,321 KE (of which 1,749 KE were already in fixed assets as of March 31, 2023) offset by the depreciation allocations which amount to this semester at 522 KE.
As of September 30, 2023, shareholders’ equity amounted to €26.2 million.
Financial debts decreased by 961 kEUR due to the repayment of bank loans. Cash available as of September 30, 2023 stands at 6 ME while financial debts decrease to 5.5 ME, resulting in a net financial debt of -0.6 ME. The operating working capital requirement stands at 16.1 ME, or 165 days of turnover excluding tax compared to 152 days of turnover excluding tax as of March 31, 2023. This increase is linked to advances paid for battery orders on projects under construction as of September 30, 2023.
OUTLOOK
With an order book at the end of September of €42.9 million, up +64% compared to the end of September 2022, and well-structured and increasingly productive teams, Entech has the capacity to achieve performance in the 2nd half of the year. higher than that of the 1st half as in previous years. The Company therefore anticipates a second half with an increasing EBITDA.
The 35 ME banking facilities set up in October with 6 banks will make it possible to calmly absorb the expected growth.
The company finally also reaffirmed its medium-term objectives for 2025 (financial year ending March 31, 2026): a turnover of around €130 million and an EBITDA margin of around 20%.
Portzamparc speaks of a publication “without surprises”, with strong growth expected in the coming semesters and an increase in profitability. The analyst is targeting a price of 10.8 euros while remaining a purchase on the file.
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