Report
Pierre-Yves Gauthier

Continuing cash drain in 2016 to stop by 2017? (Europlasma)

Continuing cash drain in 2016 to stop by 2017?

EPS CHANGE

CHANGE IN EPS2016 : € -0.12 vs -0.06 ns
2017 : € 0.02 vs 0.02 -20.8%
2016 FY earnings now allow for the heavy losses recorded over H1 in the Power business. H2 figures will be in the same vein but suffer on top from a 2-month plant stoppage at the asbestos treatment unit. In all, the expected 2016 loss has been doubled but visibility was extremely weak in the first place. The cash drain is expected to end in 2017 when the first green power production unit is up and working.

CHANGE IN NAV€ 0.62 vs 0.66 -4.90%
Our NAV erodes due to cash consumption. The number of shares allow for all the dilution associated with existing or agreed upon financing.

CHANGE IN DCF€ 0.85 vs 0.89 -4.35%
The DCF is impacted by the cash consumption as well as the delays in cash flow generation from the asbestos treatment unit.
Underlying
Europlasma

Europlasma SA. Europlasma SA is a France-based company that offers a range of solutions for hazardous waste treatment. The Company's technology allows converting toxic waste into reusable materials. The Company is composed of four entities, such as Europlasma Torch & Process, which provides engineering consulting for hazardous waste treatment, and sells and licenses its plasma torches and technology; Inertam SAS, which specializes in destruction and valorization of asbestos waste and operates ash melting units; CHO Power SAS, which supplies technological solutions for the efficient transformation of biomass and waste into electric energy and Europe Environnement, which offers ventilation and air cleaning systems for industrial applications.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Pierre-Yves Gauthier

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