Blue blooded silverware
Blue blooded silverwareLATEST
Odiot’s only business, über-luxury tableware, is only constrained by its manufacturing capacity. Odiot’s reputation span more than 3 centuries with its IP encapsulated in thousands of design and matching matrices. It is now looking for growth through manufacturing upgrades and brand investment.
FACT
Odiot SAS has from 2025 been the only asset of its parent company Odiot SA, née Well SA. The new owner and executive has restructured Odiot’s balance sheet and initiated the first steps of a significant manufacturing update. 2025 earnings should about breakeven with contemplated strong sales expansion (X2 between 2025 and 2027).
The firm specialises in ultra-luxury tableware/silverware. Demand is rather price agnostic as it is driven by third party advisors to extremely wealthy households or by institutional purchases. Up to a point the high precious metal content makes Odiot’s unique tabletop pieces a storage of value.
As a reborn firm with extensive intellectual property and unique manufacturing skills, Odiot needs to expand its manufacturing capacity to meet rising demand. Its objective is not to go for volume but merely to meet demand which cannot be satisfied with hitherto inefficient manufacturing.
Investment is ongoing both in higher productivity and brand recognition in distant export markets.
The funding requirement for the relaunch has been about half covered over 2025. 2026 should require another €2M to put the firm on a robust footing.
ANALYSIS
Odiot’s business model is as sound as it is simple : revive a well established old brand that gathered dust under previous ownership. It is essentially a matter of expanding a bit the reputation beyond the circle of professional buyers and above all find the way to increase manufacturing capacity without losing of the craftmanship features that make the value of the brand
IMPACT
Lasting capacity constraints would seem to have restricted sales development over 2025 in spite of fastened capex. We assumed that the c. €2M revenues will not leave much on the net profit table. As an ex holding company, Odiot SA will also book a €2m non cash loss associated to the cleaning up of its portfolio.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.