Few small cap investors know about NSE. However, this listed Group, which employs 700 people, changed its profile in 2019 and has just demonstrated its resilience by publishing very honorable half-year 2020 results. The opportunity for the Portzamparc analyst in charge of the stock to highlight its low valuation.
High profitability, a deleveraged balance sheet
After several years of operational transition marked by the reorganization of the Design BU (grouping of two sites into one), NSE began to unveil its potential in H2 2018 and confirmed in 2019. The rationalization work has since continued with the integration of processes, the development of inter-site work in order to generate new synergies. Emphasis is also placed on high value-added services and international. The still recent appointment of Philippe Brel, CEO, as CEO goes in this direction.
Article from Raphaël Girault
