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

The 2018 bonds fully converted (Crossject)

The 2018 bonds fully converted EPS CHANGE CHANGE IN EPS2019 : € -0.48 vs -0.51 ns 2020 : € -0.34 vs -0.39 ns We have increased the total number of shares (from 13.6m at year-end 2018 to 18.4m in March 2019) following the conversion of all convertible bonds issued last year, which by the way confirms shareholders’ confidence in the company. The valuation does not significantly change (dilution on one side, a lower net debt position on the other one), but of course the apparent loss per share is smaller over the next two years. No other changes to our model.

A clearer roadmap ahead (Ecoslops)

A clearer roadmap ahead EPS CHANGE CHANGE IN TARGET PRICE€ 24.8 vs 24.3 +1.97% The target price saw a slight improvement given that the lower valuation on a DCF basis (mainly explained by a revision on the expected profitability of the refining units as well as a 6-month delay to the Antwerp entry into operation), was more than offset by an increased valuation on a NAV/SOTP basis; since the need for a capital increase in the near future has been discarded thanks to the €18m funding approved by the EIB earlier this year. CHANGE IN EPS2019 : € -0.20 vs 0.04 ns 2020 : € -0.26 vs 0.52 ns EPS es...

Charles Edouard Boissy

Q1 sales up 30%, no inflection in commercial success

Q1 sales up 30%, no inflection in commercial success EARNINGS/SALES RELEASES EasyVista’s Q1 sales reached €11.3m, +30% growth, identical to FY 2018 number, but it reflects an even better organic performance, as 2019 figures are no longer boosted by the change in contracting mode (c.+10% impact on FY 2018). The group continues to expand on both sides of the Atlantic. The Q1 performance comforts our FY +20% growth in sales expectation. FACT A very strong Q1 Q1 19 sales were up 30%, after +9% in Q4 18, and +30% for the full year. We remind that since Q3 17, EasyVista primarily sells its solut...

Charles Edouard Boissy

DCF upgrade by 13.8% (EasyVista)

DCF CHANGE CHANGE IN TARGET PRICE€ 51.8 vs 49.5 +4.63% Target price is slightly up (€51.8 vs €49.5), after making some changes to our model following the 3 April analyst meeting. Growth momentum in 2019-20 should be close to +20% p.a., triggering a significant EBITDA margin growth, as c.90% of costs are fixed. Management's 20% EBITDA/sales target by 2021 (from 10% in 2018) looks realistic. CHANGE IN DCF€ 57.1 vs 50.1 +13.8% Our DCF methodology is hardly changed, although the 14% upgrade stems from the slightly improved sequence of 2019-21 assumptions. We remain conservative in our modelling ...

Charles Edouard Boissy

2018:operating leverage is now confirmed on a full-year basis

2018:operating leverage is now confirmed on a full-year basis EARNINGS/SALES RELEASES H2 patterns are similar to H1’s, which showed for the first time a significant positive EBITDA (€2.1m vs €-1.8m in H1 17), confirming the consistency of the business model. EasyVista’s products/marketing/sales assets were strengthened in previous years, which now comforts the growth pace, alongside the EBITDA margin. FACT EBITDA: €3.9m vs €-0.77m in 2017 As EasyVista runs a fixed cost model, margins grow rapidly after reaching the breakeven point, which was done in 2017. 2018 is the first fully impacted y...

The 2018 bonds fully converted (Crossject)

The 2018 bonds fully converted EPS CHANGE CHANGE IN EPS2019 : € -0.48 vs -0.51 ns 2020 : € -0.34 vs -0.39 ns We have increased the total number of shares (from 13.6m at year-end 2018 to 18.4m in March 2019) following the conversion of all convertible bonds issued last year, which by the way confirms shareholders’ confidence in the company. The valuation does not significantly change (dilution on one side, a lower net debt position on the other one), but of course the apparent loss per share is smaller over the next two years. No other changes to our model.

A clearer roadmap ahead (Ecoslops)

A clearer roadmap ahead EPS CHANGE CHANGE IN TARGET PRICE€ 24.8 vs 24.3 +1.97% The target price saw a slight improvement given that the lower valuation on a DCF basis (mainly explained by a revision on the expected profitability of the refining units as well as a 6-month delay to the Antwerp entry into operation), was more than offset by an increased valuation on a NAV/SOTP basis; since the need for a capital increase in the near future has been discarded thanks to the €18m funding approved by the EIB earlier this year. CHANGE IN EPS2019 : € -0.20 vs 0.04 ns 2020 : € -0.26 vs 0.52 ns EPS es...

Charles Edouard Boissy

Q1 sales up 30%, no inflection in commercial success

Q1 sales up 30%, no inflection in commercial success EARNINGS/SALES RELEASES EasyVista’s Q1 sales reached €11.3m, +30% growth, identical to FY 2018 number, but it reflects an even better organic performance, as 2019 figures are no longer boosted by the change in contracting mode (c.+10% impact on FY 2018). The group continues to expand on both sides of the Atlantic. The Q1 performance comforts our FY +20% growth in sales expectation. FACT A very strong Q1 Q1 19 sales were up 30%, after +9% in Q4 18, and +30% for the full year. We remind that since Q3 17, EasyVista primarily sells its solut...

Charles Edouard Boissy

DCF upgrade by 13.8% (EasyVista)

DCF CHANGE CHANGE IN TARGET PRICE€ 51.8 vs 49.5 +4.63% Target price is slightly up (€51.8 vs €49.5), after making some changes to our model following the 3 April analyst meeting. Growth momentum in 2019-20 should be close to +20% p.a., triggering a significant EBITDA margin growth, as c.90% of costs are fixed. Management's 20% EBITDA/sales target by 2021 (from 10% in 2018) looks realistic. CHANGE IN DCF€ 57.1 vs 50.1 +13.8% Our DCF methodology is hardly changed, although the 14% upgrade stems from the slightly improved sequence of 2019-21 assumptions. We remain conservative in our modelling ...

Charles Edouard Boissy

2018:operating leverage is now confirmed on a full-year basis

2018:operating leverage is now confirmed on a full-year basis EARNINGS/SALES RELEASES H2 patterns are similar to H1’s, which showed for the first time a significant positive EBITDA (€2.1m vs €-1.8m in H1 17), confirming the consistency of the business model. EasyVista’s products/marketing/sales assets were strengthened in previous years, which now comforts the growth pace, alongside the EBITDA margin. FACT EBITDA: €3.9m vs €-0.77m in 2017 As EasyVista runs a fixed cost model, margins grow rapidly after reaching the breakeven point, which was done in 2017. 2018 is the first fully impacted y...

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