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

Bientôt prête pour un nouveau départ

Bientôt prête pour un nouveau départ LATEST L’amélioration des infrastructures de transport au Nord de Paris se poursuit avec les travaux des lignes ferrées créées dans la perspective des JO de 2024. Au Blanc-Mesnil, à 300m d’une gare du Grand Paris en cours de construction mettant le coeur de Paris à moins de 25mn, FPN détient une emprise foncière de 45,000m² ne procurant plus de revenus et générant des charges. L’avenir de ce site se dessinera ces toutes prochaines années. La mise en valeur de l’ensemble immobilier et, partant, celle de l’action FPN, exigera la normalisation préalable d’u...

Taking on-board the Norwegian disposal and near-term market headwinds (Blackstone Resources)

Taking on-board the Norwegian disposal and near-term market headwinds EPS CHANGE CHANGE IN EPS2020 : CHF 0.56 vs 0.05 +934% 2021 : CHF 0.50 vs 0.63 -19.9% While prevalent macro headwinds result in the normalisation of our earnings estimates, 2020 should nevertheless benefit via the (non-cash) gain (CHF22m) on the disposal of the Norwegian rare earth metal asset.

More good news again...

More good news again... SIGNIFICANT NEWS Swissquote released this morning a report which confirms management’s previous communication regarding the sharp increase in trading at the beginning of the year. Total revenues for H1 20 are indeed 40% higher yoy and pre-tax profit is up by more than 120% yoy. THe share price is up about 12%. ANALYSIS Management had already used quite an optimistic tone in March 2020 (release of FY2019) as it expected revenues and net profit for 2020 to be more than 10% higher yoy. The higher figures are mainly the result of market volatility which could therefore...

Opinion change, from Add to Buy (Swissquote Group Holding)

OPINION CHANGE CHANGE IN OPINIONBuy vs Add CHANGE IN EPS2020 : CHF 5.17 vs 3.80 +35.8% 2021 : CHF 4.68 vs 4.51 +3.77% Following Swissquote's press release today regarding the H1 20 numbers, we have adjusted our numbers for 2020 and going into 2021. H1 20 revenues and profit before tax are indeed 40% and 120% higher yoy. As mentioned in today's Latest, this has come from the sharp increase in market volatility (more trading and opening of new accounts). We expect part of this new business to be sustainable going into 2021 and 2022.

FY19: revenues decline, positive environment in renewables

FY19: revenues decline, positive environment in renewables EARNINGS/SALES RELEASES While the dynamic is positive in the renewables activities with the CIMC Raffles partnership and the Marine Energy Alliance collaboration, the low oil & gas prices are taking their toll on the results. 2019 seems to have set the trend for the next two years (i.e. slow activity in oil & gas, dynamic environment in renewables), justifying further Dietswell’s strategic move into renewables. FACT Turnover: €6m (-15% yoy) EBITDA: €-1.14m (vs €0.02m in 2018) Adjusted net income: €-1.53m (vs €-0.25m in 2018) Net in...

Christian Auzanneau

Bientôt prête pour un nouveau départ

Bientôt prête pour un nouveau départ LATEST L’amélioration des infrastructures de transport au Nord de Paris se poursuit avec les travaux des lignes ferrées créées dans la perspective des JO de 2024. Au Blanc-Mesnil, à 300m d’une gare du Grand Paris en cours de construction mettant le coeur de Paris à moins de 25mn, FPN détient une emprise foncière de 45,000m² ne procurant plus de revenus et générant des charges. L’avenir de ce site se dessinera ces toutes prochaines années. La mise en valeur de l’ensemble immobilier et, partant, celle de l’action FPN, exigera la normalisation préalable d’u...

Taking on-board the Norwegian disposal and near-term market headwinds (Blackstone Resources)

Taking on-board the Norwegian disposal and near-term market headwinds EPS CHANGE CHANGE IN EPS2020 : CHF 0.56 vs 0.05 +934% 2021 : CHF 0.50 vs 0.63 -19.9% While prevalent macro headwinds result in the normalisation of our earnings estimates, 2020 should nevertheless benefit via the (non-cash) gain (CHF22m) on the disposal of the Norwegian rare earth metal asset.

More good news again...

More good news again... SIGNIFICANT NEWS Swissquote released this morning a report which confirms management’s previous communication regarding the sharp increase in trading at the beginning of the year. Total revenues for H1 20 are indeed 40% higher yoy and pre-tax profit is up by more than 120% yoy. THe share price is up about 12%. ANALYSIS Management had already used quite an optimistic tone in March 2020 (release of FY2019) as it expected revenues and net profit for 2020 to be more than 10% higher yoy. The higher figures are mainly the result of market volatility which could therefore...

Opinion change, from Add to Buy (Swissquote Group Holding)

OPINION CHANGE CHANGE IN OPINIONBuy vs Add CHANGE IN EPS2020 : CHF 5.17 vs 3.80 +35.8% 2021 : CHF 4.68 vs 4.51 +3.77% Following Swissquote's press release today regarding the H1 20 numbers, we have adjusted our numbers for 2020 and going into 2021. H1 20 revenues and profit before tax are indeed 40% and 120% higher yoy. As mentioned in today's Latest, this has come from the sharp increase in market volatility (more trading and opening of new accounts). We expect part of this new business to be sustainable going into 2021 and 2022.

FY19: revenues decline, positive environment in renewables

FY19: revenues decline, positive environment in renewables EARNINGS/SALES RELEASES While the dynamic is positive in the renewables activities with the CIMC Raffles partnership and the Marine Energy Alliance collaboration, the low oil & gas prices are taking their toll on the results. 2019 seems to have set the trend for the next two years (i.e. slow activity in oil & gas, dynamic environment in renewables), justifying further Dietswell’s strategic move into renewables. FACT Turnover: €6m (-15% yoy) EBITDA: €-1.14m (vs €0.02m in 2018) Adjusted net income: €-1.53m (vs €-0.25m in 2018) Net in...

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