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, Switzerland
  • Size Coverage: Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Financial Services, 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: 17

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
  • Jorge Velandia

    N/A
  • Fabrice Farigoule

    N/A
  • Felix Brunotte

    N/A
  • Farhad Moshiri

    N/A
  • Kevin Vo

    N/A

H1: volatile crude prices impact results

H1: volatile crude prices impact results EARNINGS/SALES RELEASES While the renewables division pursues its development, the volatility in the oil markets has affected the oil & gas activities. H1 sales increased by 3% year on year, with management mentioning a wait-and-see stance from oil & gas operators. H2 looks more positive though, with Dietswell carrying out rig inspection work contracts awarded in H1. FACT Turnover: €3m (+3% yoy) EBITDA: €-0.3m (+25% yoy) Net result: €-0.5m (+17% yoy) ANALYSIS Oil & Gas Of note, the group has reactivated its subsidiary in Brazil and has been award...

Leveraging high quality financial services

Leveraging high quality financial services INITIATION COV. Swissquote Group Holding is Switzerland’s leading online bank and one of the most renowned banks there. It has also managed to develop at the international level through either partnerships or white-labels. While it is regulated as a bank (with all its constraints), we consider it more of a Fintech with up-to-date financial services. The company has indeed a long history of innovation and acquisition, which are made easier by a solid balance sheet (CET1 at 22.5% versus requirements at 11.2%). We initiate coverage of Swissquote with ...

H1 19: P&L disappoints but cash flow generation is intact

H1 19: P&L disappoints but cash flow generation is intact EARNINGS/SALES RELEASES P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19, namely revenue of €570m is expected, with 2% organic growth and a 1.5% scope effect. Overall, we expect to lowere our target price by some 15%, but, of course, we remain convinced by the business model and the strategy of the company, so we maintain our Buy recommendation. FACT Key information Revenue increased by 4%, thanks...

P&L disappoints but focus should be on cash flow (SFPI Group)

P&L disappoints but focus should be on cash flow TARGET CHANGE CHANGE IN EPS2019 : € 0.17 vs 0.21 -22.0% 2020 : € 0.21 vs 0.23 -9.99% Following the somewhat disappointing H1 on the P&L side, we have decreased our EPS for FY19 (c.-20%) and FY20 (c.-10%). Note, however, that cash generation was satisfactory, so that it had a limited impact on our valuation (c.-10%). CHANGE IN NAV€ 3.46 vs 4.06 -14.7% We have lowered the reference multiple, which has impacted rather significantly our NAV. Overall, EBIT is forecast to be c.15% below our previous forecast for FY20, which means that the decrease ...

Remarkable operational performance as group EBITDA turns positive

Remarkable operational performance as group EBITDA turns positive EARNINGS/SALES RELEASES A slew of good news accompanies this release. The operational improvements at the Sines plant, and a surge in volumes vs. an exceptionally low base in H1 18, resulted in a very successful first half in turnover growth terms as well as the group’s first positive EBITDA. With current expansion efforts well underway, Ecoslops’ outlook for the years to come is looking bright. FACT Turnover stood at €4.6m in H1 19, a near 2x increase from last year (€2.6m). The sales of refined products contributed €3.6m ...

H1: volatile crude prices impact results

H1: volatile crude prices impact results EARNINGS/SALES RELEASES While the renewables division pursues its development, the volatility in the oil markets has affected the oil & gas activities. H1 sales increased by 3% year on year, with management mentioning a wait-and-see stance from oil & gas operators. H2 looks more positive though, with Dietswell carrying out rig inspection work contracts awarded in H1. FACT Turnover: €3m (+3% yoy) EBITDA: €-0.3m (+25% yoy) Net result: €-0.5m (+17% yoy) ANALYSIS Oil & Gas Of note, the group has reactivated its subsidiary in Brazil and has been award...

Leveraging high quality financial services

Leveraging high quality financial services INITIATION COV. Swissquote Group Holding is Switzerland’s leading online bank and one of the most renowned banks there. It has also managed to develop at the international level through either partnerships or white-labels. While it is regulated as a bank (with all its constraints), we consider it more of a Fintech with up-to-date financial services. The company has indeed a long history of innovation and acquisition, which are made easier by a solid balance sheet (CET1 at 22.5% versus requirements at 11.2%). We initiate coverage of Swissquote with ...

H1 19: P&L disappoints but cash flow generation is intact

H1 19: P&L disappoints but cash flow generation is intact EARNINGS/SALES RELEASES P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19, namely revenue of €570m is expected, with 2% organic growth and a 1.5% scope effect. Overall, we expect to lowere our target price by some 15%, but, of course, we remain convinced by the business model and the strategy of the company, so we maintain our Buy recommendation. FACT Key information Revenue increased by 4%, thanks...

P&L disappoints but focus should be on cash flow (SFPI Group)

P&L disappoints but focus should be on cash flow TARGET CHANGE CHANGE IN EPS2019 : € 0.17 vs 0.21 -22.0% 2020 : € 0.21 vs 0.23 -9.99% Following the somewhat disappointing H1 on the P&L side, we have decreased our EPS for FY19 (c.-20%) and FY20 (c.-10%). Note, however, that cash generation was satisfactory, so that it had a limited impact on our valuation (c.-10%). CHANGE IN NAV€ 3.46 vs 4.06 -14.7% We have lowered the reference multiple, which has impacted rather significantly our NAV. Overall, EBIT is forecast to be c.15% below our previous forecast for FY20, which means that the decrease ...

Remarkable operational performance as group EBITDA turns positive

Remarkable operational performance as group EBITDA turns positive EARNINGS/SALES RELEASES A slew of good news accompanies this release. The operational improvements at the Sines plant, and a surge in volumes vs. an exceptionally low base in H1 18, resulted in a very successful first half in turnover growth terms as well as the group’s first positive EBITDA. With current expansion efforts well underway, Ecoslops’ outlook for the years to come is looking bright. FACT Turnover stood at €4.6m in H1 19, a near 2x increase from last year (€2.6m). The sales of refined products contributed €3.6m ...

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