AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Coverage

  • Research Category: Equity
  • Asset Class: Equity
  • Geographic Coverage: Belgium, Bulgaria, France, India, Japan
  • Size Coverage: Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Health Care Equipment & Services, Industrial Engineering, Industrial Transportation, Media, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Real Estate Investment Trusts, Software & Computer Services, Support Services
  • Underlying Coverage: 15

Analysts

  • Fabrice Farigoule

    N/A
  • Juan Camilo Rodriguez

    N/A
  • Charles Bordes

    N/A
  • Marzio Foa

    N/A
  • Pierre-Yves Gauthier

    N/A
  • Felix Brunotte

    N/A
  • Please Change Name Please Change Surname

    N/A
  • Marc Laubel

    N/A
  • Charles Edouard Boissy

    N/A
  • Hélène Coumes

    N/A
  • Laura Parisot

    N/A
  • Kevin VO

    N/A
Pierre-Yves Gauthier

A tighter spot

A tighter spot SIGNIFICANT NEWS Europlasma warns of extra delays to its refinancing exercise, at risk of a full financial/perimeter restructuring. FACT Europlasma issued an after-hours communiqué on 07/12/2018 about the fact that due diligence delays would not permit it to raise the hitherto expected funding before year end. ANALYSIS The delays are not unexpected but were already mentioned in November with the intention to be ready to raise much-needed cash resources before the end of this year. Europlasma makes it clear that it now has to bite the bullet, including partial disposals...

Dedicated to safety for people, goods and the environment

Dedicated to safety for people, goods and the environment INITIATION COV. The core of SFPI Group’s business model is to target niche markets among the rather moderately-growing building and industrial sectors. SFPI Group has a c.€230m market cap. We initiate coverage of SFPI Group with a Buy recommendation and a c.70% upside. Following the success of the merger-absorption of DOM Security, we believe that the company now has greater firepower and could rapidly announce new bolt-on acquisitions. Business model and market cap The core of the business model is to target niche markets among the ...

A €3.9m capital increase before year-end (Crossject)

A €3.9m capital increase before year-end TARGET CHANGE CHANGE IN TARGET PRICE€ 11.1 vs 14.9 -25.6% Our target price is revised downward on the capital increase to come (December), which will lead to the issuance of c. 3.4m new shares. CHANGE IN EPS2018 : € -0.76 vs -0.91 ns 2019 : € -0.53 vs -0.73 ns Our forecasts have not changed. The higher number of shares simply implies that short-term losses are divided by a bigger number, thus the (wrong) impression on an EPS basis that forecast losses have shrunk. CHANGE IN NAV€ 12.7 vs 17.2 -26.1% Our NAV valuation is adjusted one the one hand by a...

A €3.9m capital increase

A €3.9m capital increase FINANCING ISSUE FACT Crossject announced it would issue new shares, a maximum of 3.4m with subscription rights, to be listed before year-end (28 December), with total potential proceeds of c.€3.9m. ANALYSIS In short, the subscription period will be 3-14 December. Three subscription rights will give the right to subscribe to one new share at €1.16, thus a theoretical price for subscription rights of €0.14 based on yesterday’s closing price. Gemmes Venture, the historic and main shareholder of Crossject, has committed itself to subscribing a number of shares of at...

Excellent news: production has resumed

Excellent news: production has resumed LATEST FACT Crossject announced that the production issue (due to a mould of a Zeneo component which had been damaged during the summer) has been fixed with production having started again yesterday. ANALYSIS As a reminder, the technical issue surrounding a mould of a component was announced together with the release of the H1 results (see our Latest dated 27 September) and (partly) caused a steep fall in the share price which has halved in the last two months. Yesterday’s news is, of course, very good news for the group and this all the more since ...

Pierre-Yves Gauthier

A tighter spot

A tighter spot SIGNIFICANT NEWS Europlasma warns of extra delays to its refinancing exercise, at risk of a full financial/perimeter restructuring. FACT Europlasma issued an after-hours communiqué on 07/12/2018 about the fact that due diligence delays would not permit it to raise the hitherto expected funding before year end. ANALYSIS The delays are not unexpected but were already mentioned in November with the intention to be ready to raise much-needed cash resources before the end of this year. Europlasma makes it clear that it now has to bite the bullet, including partial disposals...

Dedicated to safety for people, goods and the environment

Dedicated to safety for people, goods and the environment INITIATION COV. The core of SFPI Group’s business model is to target niche markets among the rather moderately-growing building and industrial sectors. SFPI Group has a c.€230m market cap. We initiate coverage of SFPI Group with a Buy recommendation and a c.70% upside. Following the success of the merger-absorption of DOM Security, we believe that the company now has greater firepower and could rapidly announce new bolt-on acquisitions. Business model and market cap The core of the business model is to target niche markets among the ...

A €3.9m capital increase before year-end (Crossject)

A €3.9m capital increase before year-end TARGET CHANGE CHANGE IN TARGET PRICE€ 11.1 vs 14.9 -25.6% Our target price is revised downward on the capital increase to come (December), which will lead to the issuance of c. 3.4m new shares. CHANGE IN EPS2018 : € -0.76 vs -0.91 ns 2019 : € -0.53 vs -0.73 ns Our forecasts have not changed. The higher number of shares simply implies that short-term losses are divided by a bigger number, thus the (wrong) impression on an EPS basis that forecast losses have shrunk. CHANGE IN NAV€ 12.7 vs 17.2 -26.1% Our NAV valuation is adjusted one the one hand by a...

A €3.9m capital increase

A €3.9m capital increase FINANCING ISSUE FACT Crossject announced it would issue new shares, a maximum of 3.4m with subscription rights, to be listed before year-end (28 December), with total potential proceeds of c.€3.9m. ANALYSIS In short, the subscription period will be 3-14 December. Three subscription rights will give the right to subscribe to one new share at €1.16, thus a theoretical price for subscription rights of €0.14 based on yesterday’s closing price. Gemmes Venture, the historic and main shareholder of Crossject, has committed itself to subscribing a number of shares of at...

Excellent news: production has resumed

Excellent news: production has resumed LATEST FACT Crossject announced that the production issue (due to a mould of a Zeneo component which had been damaged during the summer) has been fixed with production having started again yesterday. ANALYSIS As a reminder, the technical issue surrounding a mould of a component was announced together with the release of the H1 results (see our Latest dated 27 September) and (partly) caused a steep fall in the share price which has halved in the last two months. Yesterday’s news is, of course, very good news for the group and this all the more since ...

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