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

Positive outlook, moving forward in new energies

Positive outlook, moving forward in new energies INVESTOR DAY One of the key takeaways of the strategy update is in New Energies, where Dietswell reported being contacted by several companies interested in bidding on the upcoming commercial tenders. By 2025, the company also intends to partner with an industrial group to offer an integrated system, consisting of a floater and a wind turbine. ANALYSIS In oil & gas, the audit & inspection division (factorig) remains the driving force, in a market likely to be more open with Lloyd’s Register focusing on renewables and moving away from rig ins...

Marseille plant now coming on stream in 2020 (Ecoslops)

Marseille plant now coming on stream in 2020 EPS CHANGE CHANGE IN EPS2019 : € -0.19 vs -0.20 ns 2020 : € -0.36 vs -0.26 ns We have adjusted our EPS estimates based on the expected entry into operation of the Marseille plant in early 2020 versus our assumption of late 2019. Lower expected revenues due to the omission of any output from Marseille are more than offset by the production start-up costs, most of which would be put off to 2020, resulting in a marginally higher EPS for 2019. However, for 2020, the delayed capacity ramp-up results in a revenue base 8.4% lower than our previous estima...

Pierre-Yves Gauthier

May be ...

May be ... FINANCING ISSUE Europlasma may have found a new reference shareholder FACT Europlasma on 04/06 indicated that a would-be financial partner had submitted a “continuation” plan to the French courts with a court decision about this offer expected by the end of July 2019. The proposal made by Luxembourg-based Zigi Capital would be to become a reference shareholder, keep the group as is including its industrial partners but restructure both the funding and the governance. ANALYSIS Zigi Capital seems to be an ad hoc SPV for the purpose of becoming the reference shareholder of Eur...

EPS upgrade (2018: from € -0.14 to -0.05, 2019: from € -0.16 to -0.08) (Dietswell)

EPS CHANGE CHANGE IN EPS2019 : € -0.08 vs -0.16 ns 2020 : € -0.11 vs 0.03 ns We have updated our model with the FY18 figures. We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Technical Assistance division. We now target a 2019 turnover of €4m for the Technical Assistance division (vs. €6m previously) and keep our revenue forecast at €5m for the Audit & Inspection division. In New Energies, we shift our scenario by one year, with an order for a 4M floater pilot in 2020. Note that we have model...

Target cut by -13.9% (SFPI Group)

TARGET CHANGE CHANGE IN EPS2019 : € 0.21 vs 0.23 -6.28% 2020 : € 0.23 vs 0.26 -9.82% As a result of the negative surprise in FY18, we have reduced our EPS forecasts for FY19 onwards since we now take a more cautious view on the recovery: +25bp increase in the EBIT margin per year vs previously a +50bp increase in the EBIT margin per year. Automatically, this has a stronger impact on FY20 (-50bp impact on EBIT margin) than on FY19 (25bp impact on the EBIT margin). This change alone explains most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

Positive outlook, moving forward in new energies

Positive outlook, moving forward in new energies INVESTOR DAY One of the key takeaways of the strategy update is in New Energies, where Dietswell reported being contacted by several companies interested in bidding on the upcoming commercial tenders. By 2025, the company also intends to partner with an industrial group to offer an integrated system, consisting of a floater and a wind turbine. ANALYSIS In oil & gas, the audit & inspection division (factorig) remains the driving force, in a market likely to be more open with Lloyd’s Register focusing on renewables and moving away from rig ins...

Marseille plant now coming on stream in 2020 (Ecoslops)

Marseille plant now coming on stream in 2020 EPS CHANGE CHANGE IN EPS2019 : € -0.19 vs -0.20 ns 2020 : € -0.36 vs -0.26 ns We have adjusted our EPS estimates based on the expected entry into operation of the Marseille plant in early 2020 versus our assumption of late 2019. Lower expected revenues due to the omission of any output from Marseille are more than offset by the production start-up costs, most of which would be put off to 2020, resulting in a marginally higher EPS for 2019. However, for 2020, the delayed capacity ramp-up results in a revenue base 8.4% lower than our previous estima...

Pierre-Yves Gauthier

May be ...

May be ... FINANCING ISSUE Europlasma may have found a new reference shareholder FACT Europlasma on 04/06 indicated that a would-be financial partner had submitted a “continuation” plan to the French courts with a court decision about this offer expected by the end of July 2019. The proposal made by Luxembourg-based Zigi Capital would be to become a reference shareholder, keep the group as is including its industrial partners but restructure both the funding and the governance. ANALYSIS Zigi Capital seems to be an ad hoc SPV for the purpose of becoming the reference shareholder of Eur...

EPS upgrade (2018: from € -0.14 to -0.05, 2019: from € -0.16 to -0.08) (Dietswell)

EPS CHANGE CHANGE IN EPS2019 : € -0.08 vs -0.16 ns 2020 : € -0.11 vs 0.03 ns We have updated our model with the FY18 figures. We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Technical Assistance division. We now target a 2019 turnover of €4m for the Technical Assistance division (vs. €6m previously) and keep our revenue forecast at €5m for the Audit & Inspection division. In New Energies, we shift our scenario by one year, with an order for a 4M floater pilot in 2020. Note that we have model...

Target cut by -13.9% (SFPI Group)

TARGET CHANGE CHANGE IN EPS2019 : € 0.21 vs 0.23 -6.28% 2020 : € 0.23 vs 0.26 -9.82% As a result of the negative surprise in FY18, we have reduced our EPS forecasts for FY19 onwards since we now take a more cautious view on the recovery: +25bp increase in the EBIT margin per year vs previously a +50bp increase in the EBIT margin per year. Automatically, this has a stronger impact on FY20 (-50bp impact on EBIT margin) than on FY19 (25bp impact on the EBIT margin). This change alone explains most of the change in our EPS. CHANGE IN NAV€ 4.06 vs 4.42 -8.22% We have lowered the reference multipl...

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