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

EPS cut (2025: +0.7%, 2026: -25.0%) (Cementir Holding)

EPS CHANGE CHANGE IN TARGET PRICE € 22.8 vs 21.3 +7.17% Cementir's strengthening net cash position, improving operational efficiency across its diversified geographic footprint, and clear strategic visibility through its 2028 industrial plan — anchored by white cement leadership, ESG-driven innovation, and the transformative ACCSION carbon capture project — underpin our positive investment view. CHANGE IN EPS 2026 : € 1.07 vs 1.42 -25.0% 2027 : € 1.15 vs 1.42 -19.2% EPS Growth Profitability...

Saïma Hussain
  • Saïma Hussain

IDI is investing its own money only, with success

IDI is investing its own money only, with success EARNINGS/SALES RELEASES IDI posted quality returns in 2025, expanding its NAV by 8% and adding a good dividend on top. Money back in PE-type investment is a rare event these days. With €222m in dry powder and continued disciplined deployment, the group enters 2026 with serene objectives. IDI is about alignment between its staff’s wealth and its shareholders. We buy into this investment concept. FACT IDI ended the year with NAV per share up +...

Fabrice Farigoule
  • Fabrice Farigoule

Integrating the FY25 numbers (Crossject)

Integrating the FY25 numbers EPS CHANGE CHANGE IN EPS 2026 : € 0.22 vs 0.21 +0.87% 2027 : € 0.36 vs 0.36 +0.55% We have integrated the FY25 results. As we have repeatedly commented, the numbers as such are of little relevance, since the story of Crossject is based on the future launch of Zeneo combined with the NTEs the group is targeting. So far, the group’s operating income only consists of the payments of BARDA, covering part of the expenses of the group. That said, the larger than expect...

Alexandre DESPREZ
  • Alexandre DESPREZ

EPS cut (2025: from € -0.09 to -0.13, 2026: from € 0.00 to -0.01) (Dro...

EPS CHANGE CHANGE IN EPS 2025 : € (0.13) vs (0.09) ns 2026 : € (0.01) vs 0.00 ns We have included the new partial elements provided by Drone Volt in its 2025 results, which were revised downwards on the gross margin side by c.€400k to €3.2m, due to the recognition of some contracts being delayed into 2026. We have also included the €5m impairment, tied to the closure of two subsidiaries, that was only partially forecast in our results, thus effectively adding a c.€2.5m charge. All things cons...

Fabrice Farigoule
  • Fabrice Farigoule

FY25 results: no big change.

FY25 results: no big change. EARNINGS/SALES RELEASES The FY25 results were unsurprising, as the focus for Crossject remains on the future launch of Zeneo. The additional contribution from BARDA slightly reduces losses. However, cash consumption suggests the possibility of further dilution before achieving key operational milestones, such as the initial deliveries to BARDA. We do not anticipate significant changes to our valuation. FACT The group published its FY25 results. Operating income i...

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