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, Italy, 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: 19

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
  • Charles Edouard Boissy

    N/A
  • Laura Parisot

    N/A
  • Pierre-Yves Gauthier

    N/A

EPS upgrade (2019: +4.1%, 2020: +9.4%) (Cementir Holding)

EPS CHANGE CHANGE IN TARGET PRICE€ 9.49 vs 9.11 +4.24% We have reviewed our long-term assumptions: we believe that the industrial plan offers some upside to our valuation. Nonetheless, we remain especially cautious in our long-term assumptions especially on the cash generation side of our DCF, meaning that there is more chance of a revision upwards than of a revision downwards. CHANGE IN EPS2019 : € 0.50 vs 0.48 +4.11% 2020 : € 0.63 vs 0.57 +9.36% In our opinion, the 300bp EBITDA margin improvement by 2022 as well as the back-ended green capex should drive EPS higher as soon as 2020, compar...

Pierre-Yves Gauthier

End of coverage

End of coverage SIGNIFICANT NEWS Europlasma is going through a complete revamp of its management, its strategy and its finances. We stop coverage after seven years of paid-for research. FACT - Europlasma’s new owners and managers published its 2018 accounts in October with a €-53m loss after a €32m amortisation of various assets. 2018 shareholders’ funds stand at €-34m. Net debt stands at €28m. - The management team is deemed to be completely renewed by November 2019, - The AGM on the 2018 accounts and strategic review is to be held on 29//11/2019. ANALYSIS In our previous update, we co...

Reassuring end of year update

Reassuring end of year update SIGNIFICANT NEWS Dietswell released a positive end of year update. While the environment remains positive in offshore wind, the group has also signed several significant contracts in oil & gas. It seems that the wait-and-see attitude impacting the H1 results did not extend into Q4 and the company now expects a significant improvement in its profitability. FACT Expects a significant improvement in its profitability Factorig: contracts awarded in Algeria, Brazil, and the UAE ANALYSIS In Renewables, the press release mentions several technical and commercial...

A €2.6m non-dilutive issue

A €2.6m non-dilutive issue FINANCING ISSUE FACT Crossject has announced it has obtained a €2.6m non-dilutive financing from IdVector Science and Technology, a European investor specialising in long-term non-dilutive financing of technology. ANALYSIS The financing takes the form of Notes, and includes a repayment based on a percentage of Crossject’s turnover up to (at the latest) 2028, with a floor payment of €285k for each of the first two years. Industrial property assets guarantee the loan (in a trust granting an exclusive licence to the group) which, according to Crossject’s manageme...

Q3: another robust quarterly showing

Q3: another robust quarterly showing EARNINGS/SALES RELEASES Q3 revenues are showing robustness even though some of Protective Films’ end markets (Chargeurs’ main business) remain in the slow lane. FACT Q3 sales up 1.7% lfl confirm management’s earlier observation that the H1 negative showing (-1.9% lfl, of which -7.1% on Protective Films) was a transitory weakness in end markets. The 9-month lfl sales are still slightly below last year’s (-0.8%), though markedly higher on a reported basis (+12.2%) given the successful integration of PCC in the Fashion Technologies division. Revenue break-...

EPS upgrade (2019: +4.1%, 2020: +9.4%) (Cementir Holding)

EPS CHANGE CHANGE IN TARGET PRICE€ 9.49 vs 9.11 +4.24% We have reviewed our long-term assumptions: we believe that the industrial plan offers some upside to our valuation. Nonetheless, we remain especially cautious in our long-term assumptions especially on the cash generation side of our DCF, meaning that there is more chance of a revision upwards than of a revision downwards. CHANGE IN EPS2019 : € 0.50 vs 0.48 +4.11% 2020 : € 0.63 vs 0.57 +9.36% In our opinion, the 300bp EBITDA margin improvement by 2022 as well as the back-ended green capex should drive EPS higher as soon as 2020, compar...

Pierre-Yves Gauthier

End of coverage

End of coverage SIGNIFICANT NEWS Europlasma is going through a complete revamp of its management, its strategy and its finances. We stop coverage after seven years of paid-for research. FACT - Europlasma’s new owners and managers published its 2018 accounts in October with a €-53m loss after a €32m amortisation of various assets. 2018 shareholders’ funds stand at €-34m. Net debt stands at €28m. - The management team is deemed to be completely renewed by November 2019, - The AGM on the 2018 accounts and strategic review is to be held on 29//11/2019. ANALYSIS In our previous update, we co...

Reassuring end of year update

Reassuring end of year update SIGNIFICANT NEWS Dietswell released a positive end of year update. While the environment remains positive in offshore wind, the group has also signed several significant contracts in oil & gas. It seems that the wait-and-see attitude impacting the H1 results did not extend into Q4 and the company now expects a significant improvement in its profitability. FACT Expects a significant improvement in its profitability Factorig: contracts awarded in Algeria, Brazil, and the UAE ANALYSIS In Renewables, the press release mentions several technical and commercial...

A €2.6m non-dilutive issue

A €2.6m non-dilutive issue FINANCING ISSUE FACT Crossject has announced it has obtained a €2.6m non-dilutive financing from IdVector Science and Technology, a European investor specialising in long-term non-dilutive financing of technology. ANALYSIS The financing takes the form of Notes, and includes a repayment based on a percentage of Crossject’s turnover up to (at the latest) 2028, with a floor payment of €285k for each of the first two years. Industrial property assets guarantee the loan (in a trust granting an exclusive licence to the group) which, according to Crossject’s manageme...

Q3: another robust quarterly showing

Q3: another robust quarterly showing EARNINGS/SALES RELEASES Q3 revenues are showing robustness even though some of Protective Films’ end markets (Chargeurs’ main business) remain in the slow lane. FACT Q3 sales up 1.7% lfl confirm management’s earlier observation that the H1 negative showing (-1.9% lfl, of which -7.1% on Protective Films) was a transitory weakness in end markets. The 9-month lfl sales are still slightly below last year’s (-0.8%), though markedly higher on a reported basis (+12.2%) given the successful integration of PCC in the Fashion Technologies division. Revenue break-...

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