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

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.

Fabrice Farigoule
  • Fabrice Farigoule

Here we are for the announced capital increase

Here we are for the announced capital increase FINANCING ISSUE After Crossject had announced the “preparation of the launch” of a c. €5m capital increase aimed at securing the needs of the group until the Emergency Use Authorization is reached (€5.8m if the extension clause is exercised), the group confirmed it will proceed with it. While it was doomed to happen, the real news that the market is expecting is of course the filing of Zepizure, still planned…for this month. FACT The group will...

Egor Sonin
  • Egor Sonin

Reassessing Cementir's Turkish Positioning

Reassessing Cementir's Turkish Positioning SIGNIFICANT NEWS Cementir sold its small Kars plant in northeastern Turkey for €51m (13x EBITDA). It is a minor move, representing less than 2% of group revenue and EBITDA. With just 0.6Mt capacity (vs. 5.4Mt in Turkey), Kars was a non-core, stand-alone asset outside Cementir’s integrated operations in western and central Turkey. However, the disposal aligns with Cementir’s strategy to streamline its footprint, free up capital, and focus on higher-gro...

Fabrice Farigoule
  • Fabrice Farigoule

Another capital increase in the pipe…

Another capital increase in the pipe… FINANCING ISSUE Crossject announced the preparation for a capital increase of approximately €5m, intended to meet the group’s needs until the Emergency Use Authorization is obtained. This amount could rise to €5.8m if the extension clause is exercised. This capital increase will provide management with flexibility for commercial and production activities related to this approval. FACT Crossject announced it is preparing a capital increase (beginning of ...

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