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.

Egor Sonin
  • Egor Sonin

Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance

Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance EARNINGS WRAP-UP Cementir entered 2025 with steady volumes and firm control over its operations. While profits were temporarily weighed down by currency effects and isolated disruptions, the business stayed on course. Full-year guidance — €1.75bn revenue, €415m EBITDA, €410m net cash — is confirmed, with momentum expected to pick up in the second half. FACT Revenue: €807.1m, +0.5% vs H1 2024 EBITDA: €171.5m, -5.7% vs H1 202...

Christian Auzanneau
  • Christian Auzanneau

Adequate positioning in a still uncertain end-market

Adequate positioning in a still uncertain end-market EARNINGS/SALES RELEASES Altarea reported robust profit growth in H1 25. Profits in Residential Development remained stable, despite ongoing market adjustments. The financial reporting tone is clear, with a slightly more positive outlook than in Q1 25. FACT Revenue decreased by 20%, with a decline in development activity in both residential (-24%) and commercial (-21%) sectors. However, there was an acceleration in organic growth in proper...

Alexandre DESPREZ
  • Alexandre DESPREZ

H1 25: Change in business model enacted

H1 25: Change in business model enacted EARNINGS/SALES RELEASES Drone Volt enacted its new status with this half-year release. The group reiterated its guidance of positive EBITDA for FY 25, reinforcing our conviction that it will be able to offset the seemingly difficult first half. The group significantly reinforced its balance sheet, won new orders, and successfully entered the US market with the help of its anchor US shareholders. We reiterate our positive recommendation on the name, focus...

Alexandre DESPREZ
  • Alexandre DESPREZ

Opinion change, from Add to Reduce (Drone Volt)

OPINION CHANGE CHANGE IN OPINION CHANGE IN EPS 2025 : € (0.05) vs (0.08) ns 2026 : € 0.04 vs 0.07 -37.3% Our EPS forecast for 2025 has benefitted from the higher number of shares (+15.9m to 57m) linked to the planned €12.4m capital increase, thus reducing the loss. Our EPS forecast for 2026 has suffered from the same effect as we forecast a positive net profit. CHANGE IN NAV € 1.17 vs 1.76 -33.9% Our NAV has been impacted by the 15.9m increase in the number of shares to c.57m expected at ...

Alexandre DESPREZ
  • Alexandre DESPREZ

A new €6m order that changes Drone Volt's dimension (Drone Volt)

A new €6m order that changes Drone Volt's dimension OPINION CHANGE CHANGE IN OPINION Add vs Sell CHANGE IN EPS 2025 : € (0.08) vs (0.09) ns 2026 : € 0.06 vs 0.05 +20.5% Our EPS forecast for 2025 has been upgraded following the announcement of the latest €6m contract. We now forecast growth of 110% to €5.3m for the Drone Volt Factory division (100% previously) and a gross margin of 57% (from 55%) or €3mn. This has a positive effect on the bottom line in 2025 and 2026 as we have not changed o...

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