Exail Technologies Stock Rebounds by 3%, Among Top Gainers in SBF 120
The French specialist in underwater robotics and navigation systems continues its recovery in early afternoon trading, following a significant correction last week. The stock is among the top gainers in the SBF 120, while the index remains stable. Valuation remains tight, and short sellers maintain a significant exposure to the capital.
Stock Crosses the €109 Mark and Regains Ground Above its 200-Day Moving Average
Exail Technologies stock is up 3.12% at €109.00 in early afternoon trading, compared to €105.70 the previous day. The stock ranks among the top gainers in the SBF 120, which is down 0.08%. The rebound partially offsets the weekly decline, which still stands at -8.25%, and brings the stock slightly above its 200-day moving average (MM200) at €106.38 (+2.46%), a long-term threshold defended since last week's drop.
However, shorter moving averages remain distant: the MM20 at €125.04 and the MM50 at €122.42 are both more than 10% above the current price, indicating that the technical break from early June is still being digested. The RSI at 36 confirms a still recuperating momentum, without entering an oversold zone. The support at €100.60 is the low reference point monitored, following the low reached on June 12 amidst disagreements with ICG on the 2026 refinancing.
Demanding Valuation and Still High Short Positions on the Stock
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Based on the expected earnings per share, the stock is trading at approximately 59.8 times the earnings for the current fiscal year, and 28.8 times those of the following year according to the consensus of analysts surveyed. A multiple that leaves little room for error in case of further disappointment on the refinancing trajectory, while a €380 million discrepancy with the financial partner ICG on the valuation of Exail Holding remains to be resolved before the end of the fiscal year. On the positioning side, six funds cumulatively hold 5.97% of the capital sold short according to the reviewed declarations, a level that reflects ongoing bearish pressure on the stock.
The overall position has slightly eased over thirty days (-0.44 point), suggesting a beginning of disengagement among participants betting on a decline, without a clear reversal of the trend. The general assembly is convened tomorrow, June 19, marking the next milestone on the group's calendar.
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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.
