Exail Technologies Shares Extend Rally, Leading the SBF 120
The French specialist in underwater robotics and navigation systems continues its recovery mid-morning, after last week's significant correction. The stock climbs to the top of the Paris leaderboard in a stable market. A target revision by TP Icap Midcap now frames this technical rebound.
A Rally Placing Exail Technologies Among the Top Gainers of the SBF 120
Exail Technologies stock has gained 2.86% to €107.90, positioning it among the strongest risers in the SBF 120, while the broader index is stagnant (-0.02%). This movement extends the rebound that began earlier in the week, following a 17% drop due to disagreements with ICG on the 2026 refinancing, a matter involving a discrepancy of approximately €380 million. However, the stock is still down nearly 13% for the week and over 21% for the past three months, with the downward trend only partially reversed. On the technical front, the price remains significantly below the MM20 (€125.88) and MM50 (€122.84), with gaps of about 14% and 12% respectively. Nevertheless, it maintains a position above the MM200 at €106.37, a long-term threshold already defended the previous day, while the RSI at 35 is just emerging from the oversold zone.
TP Icap Lowers Its Target to €135 While Maintaining a Buy Rating
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On June 15, TP Icap Midcap reduced its price target from €145 to €135, while reaffirming its buy recommendation. The new target represents a potential of approximately 25% relative to the current price. According to the consensus of surveyed analysts, the valuation remains demanding, with the stock trading at nearly 59 times the expected earnings for the current fiscal year and 28.5 times those of the following year. Based on reviewed statements, the cumulative net short positions amount to 5.44% of the capital, distributed among five funds. However, the bearish bet has significantly lightened over a month (-2.91 points, compared to 8.35% thirty days ago), indicating that several participants have already closed their exposure after the recent drop, without predicting future movements. The next key event on the calendar is the general assembly on June 19.
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Context
Period
Period: 2T2026
Key reported figures
Revenue: 144M€
Guidance from the release
Le conseil d'administration d'Exail a accueilli favorablement ce projet de rapprochement.
Le chiffre d'affaires du 2ème trimestre 2026 atteint 144 M€, en croissance organique de +17 %, après un 2ème trimestre 2025 exceptionnel (+52 %). Les prises de commandes du trimestre s'élèvent à 116 M€, dont environ 20 M€ en robotique maritime et près de 30 M€ en Technologies avancées, pénalisées par un calendrier limité de notifications de grands programmes de drones maritimes. Les commandes de systèmes de navigation progressent d'environ 41 % et les activités photoniques de 47 %. Le segment Navigation & Robotique maritime affiche des revenus en hausse de 20 %, celui des Technologies avancées 29 M€ (+12 % à périmètre comparable, après cession de l'activité Automation début mai 2026). Événement majeur : accord du 6 juillet 2026 entre Gorgé SA et Thales pour la cession d'environ 35,5 % du capital, suivi d'une OPA obligatoire à 134 € par action.
Risks mentioned
Calendrier de notification des grands programmes de robotique maritime très variable d'un exercice à l'autre
Prises de commandes de robotique maritime limitées à environ 20 M€ au 2ème trimestre 2026
Base de comparaison exigeante après un 2ème trimestre 2025 en croissance de +52 %
Cession de l'activité Automation (13 M€ de revenus en 2025) pesant sur le périmètre courant
Opportunities identified
Carnet de commandes supérieur à 1 milliard d'euros offrant une solide visibilité
Accélération structurelle des ventes de systèmes de navigation (+41 % de commandes)
Forte progression des activités photoniques (+47 % de commandes au trimestre)
Gains de parts de marché face aux principaux acteurs américains en navigation inertielle
Rapprochement avec Thales apportant des moyens renforcés de développement
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.