1、 12th March 2019 BLUELINEA CORPORATE Initiation of coverage Fair Value EUR8.8 Share price EUR4.19 Bloomberg/Reuters ALBLU FP/ALBLU.PA Healthcare Nursing The Silver Economy:a golden opportunity!The senior citizens market officially became known as the Silver Economy in France in 2013.The French resea

2、rch centre for the study and observation of living conditions,the Credoc,estimates the value of the market at around EUR130bn out to 2030,focused on three areas of activity:services to help elderly people remain autonomous at home,services enabling them to maintain a social life and interaction with

3、 carers,and services enabling an improvement in care provided by establishments thanks to the deployment of the IoT.Founded in 2006 and the first SilverTech to be listed on Euronext Growth,Bluelinea has become a benchmark player in the deployment of connected objects.Its offer has the dual aim of:1)

4、protecting and improving the daily lives of dependent people or those losing independence,to maintain them in their homes,and 2)helping care providers to secure and simplify communication and exchanges between people.Bluelinea is resolutely targeting the services provided to users,their friends and

5、family,and specialised establishments,enabling it to stand out from competition that is still sharp:Bluelinea uses technology as a services offer.Implementation of an upbeat sales strategy and development of new offers(Serenea-LoRa)should enable the group to generate positive EBITDA as of this year.

6、Our FV,derived from a DCF valuation with a WACC of 11.8%,works out to EUR8.8.Note that the group total-loss carry-forward is estimated at EUR17.8m at end-2018,equivalent to EUR5.7m of non-discounted tax savings.Bruno de La Rochebrochard|33(0)1 56 68 75 88| BLUELINEA Corporate Initiation of coverage