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.

Christian Auzanneau
  • Christian Auzanneau

Merger Project with MHM

Merger Project with MHM M&A /CORP. ACTION MyHotelMatch, a company in the Ott galaxy, announces a project to merge with Courbet Heritage. FACT MHM may purchase Courbet Heritage. Regulatory approval is necessary. ANALYSIS Governance The Ott family almost entirely owns Courbet Heritage, with the Ott family owning less than 30% of MHM. Given Courbet Heritage’s valuation advantage, if the transaction were fully compensated with new MHM shares, the Ott family’s stake in NewMHM would exceed 30...

Saïma Hussain
  • Saïma Hussain

Q3-24: Navigating 2024 with a thoughtful investment approach

Q3-24: Navigating 2024 with a thoughtful investment approach EARNINGS/SALES RELEASES IDI ended Q3 2024 with minimal activity on the investment front. Including its recent minority stake in TTK, a liquid leak detection specialist, IDI completed only three transactions YTD, compared to 14 in the same period last year. Though IDI’s net income is likely to suffer accordingly, this underlines IDI’s savvy investment approach in persistently uncertain market conditions. With substantial investment ca...

Loco Douza
  • Loco Douza

Q3 24: Volumes appear to have passed the trough

Q3 24: Volumes appear to have passed the trough EARNINGS/SALES RELEASES Cementir Holding’s 9M results showed positive volume growth, driven by strong demand in Turkey, which offset the decline in some other regions. Sales and EBITDA declined due to lower volumes in some regions and a negative one-off impact. The company secured an EU grant for a CCS project in Denmark to reduce CO2 emissions. Based on these positive results, we have raised our FY24 EBITDA estimates and maintain a positive outl...

Loco Douza
  • Loco Douza

EPS upgrade (2024: +8.8%, 2025: +12.5%) (Cementir Holding)

EPS CHANGE CHANGE IN EPS 2024 : € 1.18 vs 1.08 +8.76% 2025 : € 1.18 vs 1.05 +12.5% We have raised our EBITDA estimates, as we observe signs of a volume improvement. Volumes appear to have passed the trough, and we believe the company’s price stability and cost management will help improve margins, positively impacting our EPS. CHANGE IN DCF € 15.6 vs 14.3 +9.51% We have revised our Sales and EBITDA estimates for the coming years as we believe that the company will maintain its EBITDA margin...

Alexandre DESPREZ
  • Alexandre DESPREZ

Decent Q3 results

Decent Q3 results EARNINGS/SALES RELEASES Drone Volt released a rather good Q3 trading update, more than doubling its top line and posting a significant improvement in gross margins, despite being affected by a more unfavourable product mix. The outlook remains unchanged for 2024 and 2025, despite the desire to reduce the distribution share in the revenue mix going forward, marking confidence in the new activities. We thus reiterate our positive stance on the stock. FACT Sales grew by 139% c...

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