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

Opinion change, from Add to Reduce (Drone Volt)

OPINION CHANGE CHANGE IN OPINION CHANGE IN EPS 2025 : € (0.05) vs (0.08) ns 2026 : € 0.04 vs 0.07 -37.3% Our EPS forecast for 2025 has benefitted from the higher number of shares (+15.9m to 57m) linked to the planned €12.4m capital increase, thus reducing the loss. Our EPS forecast for 2026 has suffered from the same effect as we forecast a positive net profit. CHANGE IN NAV € 1.17 vs 1.76 -33.9% Our NAV has been impacted by the 15.9m increase in the number of shares to c.57m expected at ...

Alexandre DESPREZ
  • Alexandre DESPREZ

A new €6m order that changes Drone Volt's dimension (Drone Volt)

A new €6m order that changes Drone Volt's dimension OPINION CHANGE CHANGE IN OPINION Add vs Sell CHANGE IN EPS 2025 : € (0.08) vs (0.09) ns 2026 : € 0.06 vs 0.05 +20.5% Our EPS forecast for 2025 has been upgraded following the announcement of the latest €6m contract. We now forecast growth of 110% to €5.3m for the Drone Volt Factory division (100% previously) and a gross margin of 57% (from 55%) or €3mn. This has a positive effect on the bottom line in 2025 and 2026 as we have not changed o...

Egor Sonin
  • Egor Sonin

Cementir earns global sustainability spotlight

Cementir earns global sustainability spotlight SIGNIFICANT NEWS It’s not every day that a cement company makes it onto a list of the world’s most sustainable businesses. But that’s exactly what Cementir Holding has done. Named among the World’s Most Sustainable Companies 2025 by TIME and Statista, Cementir ranks as the only cement group from our coverage to receive this global recognition — an achievement that carries both symbolic and strategic weight in a sector under intense scrutiny for it...

Egor Sonin
  • Egor Sonin

A niche strategy in a heavy industry

A niche strategy in a heavy industry LATEST We have updated our valuation for Cementir, moving from a simple volume-based model to one based on DCF per geographic unit, which gives a more disciplined picture of how each part of the business performs. This includes listed subsidiaries like Çimentas and separates countries like Norway and Sweden, as shown in the 2024 report. With a new enterprise value of €3.36bn and a NAV-based target price of €21.6, we take a fresh look at the full investment ...

Egor Sonin
  • Egor Sonin

Opinion change, from Add to Buy (Cementir Holding)

OPINION CHANGE CHANGE IN OPINION Buy vs Add CHANGE IN NAV € 22.1 vs 12.3 +79.9% We have updated our NAV valuation. For more details, please refer to the latest Cementir update.

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