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.

Alexandre DESPREZ
  • Alexandre DESPREZ

Integrating the FY24 trading update (Drone Volt)

Integrating the FY24 trading update TARGET CHANGE CHANGE IN EPS 2024 : € (0.30) vs (0.26) ns 2025 : € (0.11) vs (0.10) ns We have integrated the sales and gross margin figures for the FY24 that came in slightly under our expectations due to a sudden slump in sales from the distribution side, resulting in a €6.9m shortfall in sales to €28.3m in distribution, partially mitigated by higher sales on the Drone Volt Factory, Academy and services side (c.€200k to €4.4m). Although the global gross m...

Loco Douza
  • Loco Douza

Cementir speaks excellent turkish, too

Cementir speaks excellent turkish, too LATEST AlphaValue is closely monitoring Turkey’s impact on Cementir Holding, which accounts for a significant portion of the company’s valuation and earnings growth. With Turkey’s cement market flooded with excess capacity, Cementir’s strategic assets, including Çimentas Izmir, position the company well to capitalise on reconstruction demand from Syria and Ukraine. Despite risks such as competition and political uncertainty, Cementir’s growth potential in...

Alexandre DESPREZ
  • Alexandre DESPREZ

FY 24: A rapid strategic change undertaken

FY 24: A rapid strategic change undertaken EARNINGS/SALES RELEASES Drone Volt unveiled a mixed FY24 trading update with a new sales record, despite the brake put on distribution sales in Q4, and announced one (potentially two) new dilutive financing operations to fund its production capacity growth. 2025 should be the year of EBITDA profitability, an enticing prospect for shareholders given that it should depend on a more resilient business model. FACT Sales for FY24 grew by 36% from €24.0m ...

Loco Douza
  • Loco Douza

NAV upgrade by 22.9% (Cementir Holding)

NAV CHANGE CHANGE IN NAV € 14.7 vs 11.9 +22.9% We have revised our valuation method for the company’s Turkish asset, shifting from a multiple based on cement capacity to the market value of the asset, as it is publicly listed under the name Çimentas Izmir. Cementir Holding owns 96.7% of Çimentas Izmir, which now accounts for 44% of its NAV. CHANGE IN DCF € 16.9 vs 14.9 +13.1% We have lowered our long-term expectations for green capex for Cementir Holding, as its CCS project with Air Liquide ...

Fabrice Farigoule
  • Fabrice Farigoule

An unsurprising additional financing round.

An unsurprising additional financing round. FINANCING ISSUE Crossject announced another capital increase (and issue of warrants) that will provide it with c.€7.2m in the short term (before potential exercise of warrants which could provide another €10m). This was bound to happen in our view and, therefore, is no real surprise ahead of the filing and approval grant for Zepizure in the US. That said, this will weigh on the share price in the short term and H1 25 will be key for the group’s cred...

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