Report

Adjustment following the completion of the sale of Flex Composite Group (IDI)

Adjustment following the completion of the sale of Flex Composite Group

EPS CHANGE

CHANGE IN EPS
2023 : € 9.22 vs 6.45 +42.9%
2024 : € 8.17 vs 8.13 +0.51%

Our EPS 2023 resets significantly higher due to the inclusion of the sale of Flex Composite Group (FCG) to Michelin, which has driven up the change in fair value to €89m in H1-23.

CHANGE IN DCF € 61.4 vs 45.2 +35.9%

Our DCF has improved significantly following the sale of FCG to Michelin. We have estimated the total proceeds at €278.4m (against an estimated book value of €207.2m) or 12x the initial investment of €23.2m, which has significantly improved our estimates for the FY 23 cash position.
Underlying
Institut de Developpement Industriel SCA

Groupe IDI activity is divided in two areas: through its subsidiaries, EURIDI and Marco Polo Investissements, Co. is engaged in management buy-out/buy-in and growth capital investments in French small-mid caps valued between Euro7,000,000 and Euro75,000,000 also, through its subsidiary, IDI Mezzanine, is engaged in mezzanine financing. Also Co. is active in the purchase of secondary market portfolio.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Saïma Hussain

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