SES-Imagotag shares rebound from low levels, boosted by Ikea deal, Berenberg's 'buy'

Vusion SA

18/07/2023 12:20

** Shares in SES-Imagotag  SESL.PA  rise 10%, boosted by a
deal with Ikea  IKEA.UL , a possible technical rebound, and a
"buy" recommendation from Berenberg
    ** Within the agreement the company will deploy its VUSION
IoT Cloud platform and Digital Shelf Labels in a first wave of
110 stores across six European countries
    ** "This is probably one of the largest contracts for
SES-Imagotag, outside food distributors," ODDO BHF's analyst
Aurelien Sivignon says, adding Tuesday's gains are mainly linked
to the contract, which is for the moment limited to Europe
    ** Sivignon adds that this might be mixed with a technical
rebound after the stock lost some value with no particular
newsflow in a possible profit taking: "Probably profit taking in
regards to the price having risen from the low levels due to the
Gotham affair"
    ** Hedge fund Gotham City issued a report on June 22, where
it claimed to have found accounting discrepancies at SES
Imagotag, which the company unequivocally rejected
    ** Separately, Berenberg resumes coverage with "buy"
pointing out an attractive buying opportunity, as the company
sports an appealing position in the highly unpenetrated
electronic shelf labels market

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))