2023-07-10 09:27:00
(AOF) – SES-Imagotag continues its stock market recovery, rising 2.41% to 119 euros after having already soared more than 31% last Friday. The accusations in Gotham City Research’s second report were clearly not taken seriously by investors, and the company ruled on Friday that it contained “nothing more than the pursuit of false and deliberately misleading accusations.” Reacting to Friday’s surge in the stock, Stifel said uncertainty about the case is waning, bringing investors back to value.
“As expected, we find nothing convincing enough to make us change our minds”, summarizes about the new report, the research department, which remains Buy on the value.
The title’s reaction is driven by very strong fears that we’ve only seen the tip of the iceberg in part 1 and that part 2 could have been explosive. That’s not the case, with mainly small things revealed (conflicts of interest, inconsistency, independence of certain members of the board of directors, errors / inconsistencies in its annual report), “explains for its part Invest Securities. “While Gotham Research is not announcing a Part 3, the case could run out of steam,” adds the analyst.
“This second part contains numerous and gross inaccuracies whose sole purpose is to manipulate and take advantage of a possible fall in the price of SES-imagotag’s share”, underlined the specialist in digital solutions for physical commerce.
In its second publication, the short seller renewed its accusations of accounting manipulation and criticized the governance of SES-Imagotag.
SES-Imagotag has confirmed that it has notified the Autorité des marchés financiers of the many breaches committed by Gotham City to its regulations and filed a complaint on Friday with the National Financial Prosecutor’s Office, in particular for the dissemination of false and misleading information.
The company will publish “an equally comprehensive and detailed rebuttal of this second publication in the coming days.” Despite its recent rebound, SES-imagotag shares are still down nearly 29% from their price before the short seller’s first attack.
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Growth of the French market in value
According to the Gfk institute, the sector generated sales of 4.8 billion euros in 2021, up 2% compared to 2020. The product families that benefited from the best performance are in particular helmets and accessories as well as televisions. However, while the French consumer electronics market grew in value last year, it fell in terms of volumes (-2% with 51 million units sold). This trend can be explained by a move upmarket in products: Bluetooth speakers are more powerful or even television sets use more innovative technologies. Thus the development of technologies that improve image resolution (Oled, Qled, miniled) and the size of screens have caused an increase of more than 20% in the average price. Consumers are also looking for more sustainable products.
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