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 delivers stable Q1 amid margin pressure

Cementir delivers stable Q1 amid margin pressure EARNINGS/SALES RELEASES Cementir Holding’s first quarter of 2025 did not deliver any grand surprises – positive or negative. However, a flat EBITDA hid contrasting Baltic gains and a bout of Turkish weakness, as well as the usual FX complexities. Cash flow resilience must be saluted. FACT Revenue: €368.1m (vs €368.3m in Q1 2024) EBITDA: €66.4m (vs €66.5m in Q1 2024) Profit before tax (PBT): €30.3m (vs €58.7m in Q1 2024) Outlook for the full y...

Fabrice Farigoule
  • Fabrice Farigoule

Back to life?

Back to life? EARNINGS/SALES RELEASES CROSSJECT has provided an update on the EUA filing for Zepizure. Management has confirmed the filing will occur in June 2025, as previously indicated, demonstrating adherence to their timeline. This development is likely to enhance investor confidence, which had recently declined. Consequently, the market has reacted positively, although the successful launch of Zeneo is not yet fully reflected in the share price. Our target price remains unchanged at €6.7...

Alexandre DESPREZ
  • Alexandre DESPREZ

EPS cut (2024: from € -0.59 to -0.68, 2025: from € -0.09 to -0.09) (Dr...

EPS CHANGE CHANGE IN EPS 2025 : € (0.09) vs (0.09) ns 2026 : € 0.05 vs 0.06 -16.7% Our EPS for 2024 was impacted by the lower number of shares than expected (20.1m vs 20.5m) as the effective timing of the last capital raising announced in December 2024, came later than expected. Our EPS for 2026 was only marginally changed following the release of the annual report with full figures, which marginally impacted our estimates.

Christian Auzanneau
  • Christian Auzanneau

Gradual recovery starting in 2025?

Gradual recovery starting in 2025? INITIATION COV. The initiation of coverage allows us to encompass the majority of the French residential development market, including companies such as Nexity, Icade, Bouygues, Vinci, and Eiffage. Additionally, we monitor some non-covered entities like Kaufman & Broad and Bassac. This also enhances our coverage of the retail property sector in France, including Mercialys, Klépierre, URW, Hammerson, and Wereldhave, with the latter two pursuing exit strategies...

Alexandre DESPREZ
  • Alexandre DESPREZ

DCF cut by -12.2% (Drone Volt)

DCF CHANGE CHANGE IN DCF € 1.16 vs 1.32 -12.2% We have updated our DCF to include the faster-than-previously-expected decline in the distribution segment. We now forecast a 85% decline to €4.2m over 2025 compared to our previous forecast of a 70% decline to €8.5m. This has affected our EBITDA sequence for 2025 and beyond (c.€100-500k) as we have not changed our growth assumptions going forward, and thus our FCF for these years.

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