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Tech & Science Ecomiam goes public: should we bet on the number 3 French frozen food?

20:10  25 september  2020
20:10  25 september  2020 Source:   parismatch.com

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Ecomiam entre en Bourse : faut-il miser sur le numéro 3 français du surgelé ? © Ecomiam / SP Ecomiam goes public: should we bet on the French number 3 in frozen foods? Ecomiam, the French n ° 3 in the distribution of frozen products, wants to list on the Paris Stock Exchange. Individuals who wish to subscribe for shares have until October 5 to do so.

Much less well known than Picard , Ecomiam, who nicknamed himself “the diehards of the frozen French ”, displays his ambitions. Still unknown to the general public, despite its position as No. 3 in France (by number of stores, source Businesscoot, January 2020) for the distribution of frozen products in France, the company announces the launch of its introduction on Euronext Growth on the Paris Bourse, which should help increase its notoriety. On the equity market, the value will have the ISIN code FR0013534617 and the mnemonic code ALECO.

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Ecomiam's IPO ( IPO ) project is “an important moment in its history”, underlines CEO Daniel Sauvaget, who refers to an economic model in which the company “was keen to offer products quality food, at fair prices, while being respectful of all players in our sector and the environment ”. Individuals wishing to participate in the IPO have until October 5, 2020 to do so. The IPO will allow Ecomiam to carry out a significant fundraising, since a capital increase of 10 million euros (and up to 11.5 million in the event of full exercise of the extension clause ) is on the program. And 9.2 million euros are "already secured in the form of subscription commitments representing 91.6% of the capital increase", underlines the group. The indicative price range is 9.45-11.55 euros, for the shares offered to subscribers.

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Created in 2009, Ecomiam says it is betting on “100% French, fair and accessible”. Its network is made up of 27 points of sale (5 own stores and 22 affiliated stores), located mainly in Brittany and Pays de la Loire. The group also has a "Click & Collect" offer and an online sales site providing home deliveries within 48 hours throughout the territory in metropolitan France.

After growth in turnover of 34% during the fiscal year ended September 30, 2019, Ecomiam is targeting for the current fiscal year (which is about to end) an annual turnover of around 22 million euros, representing an expected growth of 50%, with operating income multiplied by more than 2 in the second half, to 250,000 euros. The group, which intends to open 20 new points of sale per year over the next 5 years, is targeting a fleet of 125 stores in 2025.

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Ecomiam plans to maintain over the next 5 years a sustained rate of growth and targets 110 million euros in turnover by 2025, i.e. a five-fold increase in 5 years. The operating profit should, according to the company, rise to 7 million euros in 2025 (an expected increase of 28 in 5 years): the operating margin would thus be greater than 6%. The funds that will be raised during the IPO should be used to increase the number of points of sale in France (except in Ile-de-France and Corsica), boost the brand's notoriety and expand support functions (in particular for the animation of the network and the IT and finance functions).

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Payments from individuals for direct subscription to Ecomiam's capital may give rise to an income tax reduction of 25%. Booming, Ecomiam is expected to see its operating profit out of the red this year. Still, based on the median IPO price of the indicative range (10.50 euros), the market capitalization is expected at nearly 35 million euros, which may seem high. This high valuation and the prospect of a likely fall in the French stock market over the next few weeks call for caution.

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  Ecomiam entre en Bourse : faut-il miser sur le numéro 3 français du surgelé ? © Supplied by Capital Getty Images

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