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.

Update on the group's business

Update on the group's business EARNINGS/SALES RELEASES FACT Crossject released H1 20 results. Revenues reached €2,086k (vs €1,844k), operating result €-5,632k (vs €-5,873k), and net result €-5,258k (vs €-4,953k). Net cash at the end of H1 20 was €-1.3m (vs €1.5m) and €1.8m at the end of FY19. ANALYSIS As always, the results as such are surprise-free and not very important since no product has reached the market yet, except for the cash-burn (ex new financing) which was limited to €4.6m, a “decent” number. Compared to H1 19, no turnover was achieved (keeping in mind that last year saw tu...

Name change to highlight development in renewables

Name change to highlight development in renewables SIGNIFICANT NEWS FACT Following the general assembly, Dietswell takes the name of the renewables division to become Dolfines. The renewables division is now Dolfines New Energies. This highlights the company’s activities in offshore wind, which benefit from a positive momentum. Coincidentally, the name change came the same week as BP’s annual energy outlook. The outlook, which departs strongly from previous year’s, supported management in shifting its strategy. The major now intends to redeploy a large part of its capital into low carbon ac...

A pivotal year for the Authorisations division

A pivotal year for the Authorisations division EARNINGS/SALES RELEASES The COVID-19 crisis and the change in Authorisations’ partner have weakened the group and should continue to do so in the short term. We remain, however, confident in the mid/long term as there are a number of opportunities from the increasing demand for payment apps and contactless payment. The well-managed debt is also a good point to mention. FACT H1 FY20 key financials : Revenue down by 15.7% to €7,695k EBIT down by 53.6% to €128k EBITDA +0.5% to €1.532k with the EBITDA margin of 19.9% (vs. 16.7% in H1 FY19) Net p...

Updated outlook emphasises organic growth ambitions (Chargeurs)

Updated outlook emphasises organic growth ambitions EPS CHANGE CHANGE IN TARGET PRICE€ 28.5 vs 28.2 +1.15% Our target price is virtually unchanged following the review of our assumptions post the H1 results. The valuation boost from our estimated NAV, thanks to the inclusion of a fifth division (CHS), was counterbalanced by the slightly lower DCF and multiple-based valuation due to lower earnings expectations in FY21-22. Nonetheless, we are encouraged by the strategic shift, prioritising organic growth above bolt-on acquisitions. As a result, we have removed our assumption for a future capi...

H1: an absolute home run

H1: an absolute home run EARNINGS/SALES RELEASES What Chargeurs has been able to accomplish in the challenging circumstances that marked this H1 is nothing short of remarkable. Quick-witted management and great execution allowed the company to post an historical H1, led by the newly-created Chargeurs Healthcare Solutions. Even though H2 and FY21 are not bound to be as sensational, the long-term outlook remains more than encouraging. FACT Chargeurs’ consolidated revenues totalled €519m in H1, jumping by +54% lfl, driven by Chargeurs Healthcare Solutions, whose sales reached €254m. The top-...

Update on the group's business

Update on the group's business EARNINGS/SALES RELEASES FACT Crossject released H1 20 results. Revenues reached €2,086k (vs €1,844k), operating result €-5,632k (vs €-5,873k), and net result €-5,258k (vs €-4,953k). Net cash at the end of H1 20 was €-1.3m (vs €1.5m) and €1.8m at the end of FY19. ANALYSIS As always, the results as such are surprise-free and not very important since no product has reached the market yet, except for the cash-burn (ex new financing) which was limited to €4.6m, a “decent” number. Compared to H1 19, no turnover was achieved (keeping in mind that last year saw tu...

Name change to highlight development in renewables

Name change to highlight development in renewables SIGNIFICANT NEWS FACT Following the general assembly, Dietswell takes the name of the renewables division to become Dolfines. The renewables division is now Dolfines New Energies. This highlights the company’s activities in offshore wind, which benefit from a positive momentum. Coincidentally, the name change came the same week as BP’s annual energy outlook. The outlook, which departs strongly from previous year’s, supported management in shifting its strategy. The major now intends to redeploy a large part of its capital into low carbon ac...

A pivotal year for the Authorisations division

A pivotal year for the Authorisations division EARNINGS/SALES RELEASES The COVID-19 crisis and the change in Authorisations’ partner have weakened the group and should continue to do so in the short term. We remain, however, confident in the mid/long term as there are a number of opportunities from the increasing demand for payment apps and contactless payment. The well-managed debt is also a good point to mention. FACT H1 FY20 key financials : Revenue down by 15.7% to €7,695k EBIT down by 53.6% to €128k EBITDA +0.5% to €1.532k with the EBITDA margin of 19.9% (vs. 16.7% in H1 FY19) Net p...

Updated outlook emphasises organic growth ambitions (Chargeurs)

Updated outlook emphasises organic growth ambitions EPS CHANGE CHANGE IN TARGET PRICE€ 28.5 vs 28.2 +1.15% Our target price is virtually unchanged following the review of our assumptions post the H1 results. The valuation boost from our estimated NAV, thanks to the inclusion of a fifth division (CHS), was counterbalanced by the slightly lower DCF and multiple-based valuation due to lower earnings expectations in FY21-22. Nonetheless, we are encouraged by the strategic shift, prioritising organic growth above bolt-on acquisitions. As a result, we have removed our assumption for a future capi...

H1: an absolute home run

H1: an absolute home run EARNINGS/SALES RELEASES What Chargeurs has been able to accomplish in the challenging circumstances that marked this H1 is nothing short of remarkable. Quick-witted management and great execution allowed the company to post an historical H1, led by the newly-created Chargeurs Healthcare Solutions. Even though H2 and FY21 are not bound to be as sensational, the long-term outlook remains more than encouraging. FACT Chargeurs’ consolidated revenues totalled €519m in H1, jumping by +54% lfl, driven by Chargeurs Healthcare Solutions, whose sales reached €254m. The top-...

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