ENXTPA:COGEC

Stock Analysis Report

Executive Summary

Cogelec SA manufactures intercoms and access control solutions under the Intratone, Hexact, Kibolt, and Filies Armine brands.

Rewards

Trading at 83.9% below its fair value

Earnings are forecast to grow 117.22% per year

Risk Analysis

Dividend of 89.19% is not well covered by earnings or forecast to be in the next 3 years

Shareholders have been substantially diluted in the past year

Does not have a meaningful market cap (€56M)



Snowflake Analysis

Exceptional growth potential with adequate balance sheet.

Share Price & News

How has Cogelec's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: COGEC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-5.0%

COGEC

-2.2%

FR Communications

-0.2%

FR Market


1 Year Return

-12.8%

COGEC

15.3%

FR Communications

22.9%

FR Market

Return vs Industry: COGEC underperformed the French Communications industry which returned 16.4% over the past year.

Return vs Market: COGEC underperformed the French Market which returned 24.9% over the past year.


Shareholder returns

COGECIndustryMarket
7 Day-5.0%-2.2%-0.2%
30 Day-1.6%-1.1%0.6%
90 Day-7.8%11.7%6.8%
1 Year-12.8%-12.8%15.4%15.3%27.2%22.9%
3 Yearn/a-18.8%-24.2%42.4%28.8%
5 Yearn/a-19.2%-40.1%62.7%39.4%

Price Volatility Vs. Market

How volatile is Cogelec's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cogelec undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: COGEC (€6.3) is trading below our estimate of fair value (€39.12)

Significantly Below Fair Value: COGEC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: COGEC is unprofitable, so we can't compare its PE Ratio to the Communications industry average.

PE vs Market: COGEC is unprofitable, so we can't compare its PE Ratio to the French market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate COGEC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: COGEC is overvalued based on its PB Ratio (3.2x) compared to the FR Communications industry average (1.6x).


Next Steps

Future Growth

How is Cogelec forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

117.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COGEC is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.1%).

Earnings vs Market: COGEC is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: COGEC's is expected to become profitable in the next 3 years.

Revenue vs Market: COGEC's revenue (30.9% per year) is forecast to grow faster than the French market (4.7% per year).

High Growth Revenue: COGEC's revenue (30.9% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COGEC's Return on Equity is forecast to be high in 3 years time (24.1%)


Next Steps

Past Performance

How has Cogelec performed over the past 5 years?

-55.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COGEC is currently unprofitable.

Growing Profit Margin: COGEC is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: COGEC is unprofitable, and losses have increased over the past 5 years at a rate of -55.3% per year.

Accelerating Growth: Unable to compare COGEC's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: COGEC is unprofitable, making it difficult to compare its past year earnings growth to the Communications industry (49.1%).


Return on Equity

High ROE: COGEC has a negative Return on Equity (-14.11%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Cogelec's financial position?


Financial Position Analysis

Short Term Liabilities: COGEC's short term assets (€37.4M) exceed its short term liabilities (€13.5M).

Long Term Liabilities: COGEC's short term assets (€37.4M) exceed its long term liabilities (€26.1M).


Debt to Equity History and Analysis

Debt Level: COGEC's debt to equity ratio (24.2%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if COGEC's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: COGEC's debt is well covered by operating cash flow (66.5%).

Interest Coverage: Insufficient data to determine if COGEC's interest payments on its debt are well covered by EBIT.


Balance Sheet

Inventory Level: COGEC has a high level of physical assets or inventory.

Debt Coverage by Assets: COGEC's debt is covered by short term assets (assets are 8.7x debt).


Next Steps

Dividend

What is Cogelec's current dividend yield, its reliability and sustainability?

91.81%

Current Dividend Yield


Dividend Yield vs Market

company91.8%marketbottom25%1.5%markettop25%4.4%industryaverage3.0%forecastin3Years0%

Current dividend yield vs market & industry

Notable Dividend: COGEC's dividend (89.19%) is higher than the bottom 25% of dividend payers in the French market (1.46%).

High Dividend: COGEC's dividend (89.19%) is in the top 25% of dividend payers in the French market (4.43%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether COGEC's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if COGEC's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: COGEC is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: COGEC is not forecast to pay a dividend in 3 years.


Next Steps

Management

What is the CEO of Cogelec's salary, the management and board of directors tenure and is there insider trading?


CEO

Roger Leclerc (54yo)

0yrs

Tenure

0

Mr. Roger Leclerc serves as the Chairman and Chief Executive Officer at Cogelec SA. Mr. Leclerc has a technical background and worked in various companies between 1983 and 1989: he worked in mechanical des ...


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 532.3%.


Management Team

  • Roger Leclerc (54yo)

    Chairman of the Board & CEO

    • Patrice Guyet (57yo)

      Director of Operations

      • Valérie Morio (46yo)

        Head of Marketing & Communication


        Board Members

        • Roger Leclerc (54yo)

          Chairman of the Board & CEO

          • Lydie Delebarre (45yo)

            Independent Director

            • Patrick Fruneau (54yo)

              Director

              • Patrice Guyet (57yo)

                Director of Operations

                • Cecile Vacher

                  Independent Director

                  Company Information

                  Cogelec SA's company bio, employee growth, exchange listings and data sources


                  Key Information

                  • Name: Cogelec SA
                  • Ticker: COGEC
                  • Exchange: ENXTPA
                  • Founded: 2000
                  • Industry: Communications Equipment
                  • Sector: Tech
                  • Market Cap: €54.456m
                  • Shares outstanding: 8.90m
                  • Website: https://www.cogelec.fr

                  Number of Employees


                  Location

                  • Cogelec SA
                  • ZI de Maunit
                  • 370 rue de Maunit
                  • Mortagne-sur-Sevre
                  • Pays de la Loire
                  • 85290
                  • France

                  Listings

                  TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
                  COGECENXTPA (Euronext Paris)YesCommon SharesFREURJun 2018
                  COGECPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJun 2018

                  Biography

                  Cogelec SA manufactures intercoms and access control solutions under the Intratone, Hexact, Kibolt, and Filies Armine brands. Its products are used in the areas of collective housing, such as social or private, parking, etc. The company offers its products in 12 countries in Europe. Cogelec SA was founded in 2000 and is based in Mortagne-sur-Sèvre, France. 


                  Company Analysis and Financial Data Status

                  All financial data provided by Standard & Poor's Capital IQ.
                  DataLast Updated (UTC time)
                  Company Analysis2020/01/22 23:06
                  End of Day Share Price2020/01/22 00:00
                  Earnings2019/06/30
                  Annual Earnings2018/12/31


                  Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.