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: 16

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
Pierre-Yves Gauthier

Restart

Restart FINANCING ISSUE On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for that dilution from now on. FACT An ad-hoc Luxemburg based SPV named Zigi Capital and 50/50 owned by MM Alexandre-Henri Carré and Jérôme Garnache-Creuillot has committed to injecting the necessary resources into Europlasma to make it a successful venture. Thoee plans have been accepted by the commercial court. While there is an entirely new governance, the technique used to prop up t...

Pierre-Yves Gauthier

Price to pay for survival: massive dilution (Europlasma)

Price to pay for survival: massive dilution TARGET CHANGE CHANGE IN TARGET PRICE€ 0.08 vs 0.23 -67.6% Now that the commercial court has signed off the restructuring and refinancing plans implemented by a new reference shareholder, we use the potential new number of shares of 640m shares vs. the 345m in our previous guesstimates. Note that, since 2018 accounts have yet to be released, the modelling is out of whack anyway. Everything hinges on the ability of the new governance to obtain full funding for the green power projects, delivered on time. The financial restructuring will have taken it...

Warrants to existing shareholders

Warrants to existing shareholders FINANCING ISSUE FACT Crossject indicated that it would grant shareholders free warrants (BSA). Each share held could translate into one warrant, with nine warrants entitling holders to get a share in Crossject at €1.80. ANALYSIS The move was expected and the main shareholder (Gemmes Venture, 26.74%) has already indicated it will exercise its warrants. Altogether, should all warrants be exercised, this would lead to the issuance of 18,447k warrants and 2,049k shares, or €3,689m. The warrants will be granted on 18 July and exercisable between 18 July and...

Technical Substrates sprouting through acquired growth

Technical Substrates sprouting through acquired growth M&A /CORP. ACTION Staying loyal to its investment strategy of targeting niche markets, Chargeurs props up its Technical Substrates business through three minor, but strategic, acquisitions focused on museum services. This brings the division closer to the €100m in sales milestone before 2021. FACT Chargeurs signed on 4 July the terms for the acquisition of majority stakes in three companies to be grouped under the “Technical Substrates” umbrella. The companies are Design PM (UK), MET Studio (UK) and Hypsos (Netherlands), joining Leach...

The soft pushed up revenue, while the transition continues to impact profitability (Keyware)

The soft pushed up revenue, while the transition continues to impact profitability EPS CHANGE CHANGE IN TARGET PRICE€ 2.06 vs 2.08 -1.12% Amadeus IT Group and EdenRed were added to our peers’ valuation to reflect Keyware’s offers better. CHANGE IN EPS2019 : € 0.10 vs 0.16 -36.4% 2020 : € 0.11 vs 0.17 -34.2% Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues to weigh negatively on profitability. Our previous EPS forecasts (€0.16 for FY19, and €0.17 for FY20) were disco...

Pierre-Yves Gauthier

Restart

Restart FINANCING ISSUE On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for that dilution from now on. FACT An ad-hoc Luxemburg based SPV named Zigi Capital and 50/50 owned by MM Alexandre-Henri Carré and Jérôme Garnache-Creuillot has committed to injecting the necessary resources into Europlasma to make it a successful venture. Thoee plans have been accepted by the commercial court. While there is an entirely new governance, the technique used to prop up t...

Pierre-Yves Gauthier

Price to pay for survival: massive dilution (Europlasma)

Price to pay for survival: massive dilution TARGET CHANGE CHANGE IN TARGET PRICE€ 0.08 vs 0.23 -67.6% Now that the commercial court has signed off the restructuring and refinancing plans implemented by a new reference shareholder, we use the potential new number of shares of 640m shares vs. the 345m in our previous guesstimates. Note that, since 2018 accounts have yet to be released, the modelling is out of whack anyway. Everything hinges on the ability of the new governance to obtain full funding for the green power projects, delivered on time. The financial restructuring will have taken it...

Warrants to existing shareholders

Warrants to existing shareholders FINANCING ISSUE FACT Crossject indicated that it would grant shareholders free warrants (BSA). Each share held could translate into one warrant, with nine warrants entitling holders to get a share in Crossject at €1.80. ANALYSIS The move was expected and the main shareholder (Gemmes Venture, 26.74%) has already indicated it will exercise its warrants. Altogether, should all warrants be exercised, this would lead to the issuance of 18,447k warrants and 2,049k shares, or €3,689m. The warrants will be granted on 18 July and exercisable between 18 July and...

Technical Substrates sprouting through acquired growth

Technical Substrates sprouting through acquired growth M&A /CORP. ACTION Staying loyal to its investment strategy of targeting niche markets, Chargeurs props up its Technical Substrates business through three minor, but strategic, acquisitions focused on museum services. This brings the division closer to the €100m in sales milestone before 2021. FACT Chargeurs signed on 4 July the terms for the acquisition of majority stakes in three companies to be grouped under the “Technical Substrates” umbrella. The companies are Design PM (UK), MET Studio (UK) and Hypsos (Netherlands), joining Leach...

The soft pushed up revenue, while the transition continues to impact profitability (Keyware)

The soft pushed up revenue, while the transition continues to impact profitability EPS CHANGE CHANGE IN TARGET PRICE€ 2.06 vs 2.08 -1.12% Amadeus IT Group and EdenRed were added to our peers’ valuation to reflect Keyware’s offers better. CHANGE IN EPS2019 : € 0.10 vs 0.16 -36.4% 2020 : € 0.11 vs 0.17 -34.2% Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues to weigh negatively on profitability. Our previous EPS forecasts (€0.16 for FY19, and €0.17 for FY20) were disco...

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