Merodis Equity Research

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Merodis Equity Research offers bespoke equity research backed by our extensive experience in equity markets at top-tier investment banks in London, Paris and Brussels serving institutional investors worldwide. Analysts at Merodis Equity Research have achieved #1 Extel rankings in the past for Benelux equity research.

Please note that we may have been mandated by the company to produce the research report (clearly indicated on the front page of the report), but that (1) our fees are not linked at all to our opinions and views, and (2) that we refund the company with the proceeds from the sale of our research as to remain 100% independent. This is an innovative business model, which we hope will contribute to improving the visibility towards worldwide investors of small & mid caps that deserve wider market attention and ownership.

Arnaud Goossens
  • Arnaud Goossens
EUR 499.00
ALAVY AUDIOVALLEY SA

Digital audio software, ad tech and monetisation engine, all-in-one

AudioValley is a Belgian technology company active in the field of digital audio disruption covering most of the industry’s value chain: from music licencing to software enabling the creation, streaming and hosting of digital audio content over the internet for a range of publishers including online radio channels, podcasts, connected hardware, etc. The digital audio market is growing fast, catching up (Europe) or taking over (North America) analogue audio in terms of audience. We expect digital...

06/03/20 June 3, 2020 37 EN
Arnaud Goossens
  • Arnaud Goossens
EUR 499.00
ATEB ATENOR S.A.

Steady as she goes

Atenor is active in the entire real estate development process, from identifying and acquiring locations to developing and selling them, albeit with no direct involvement in construction. The focus is offices (74% of its portfolio). Exposure to its domestic market, Belgium, is gradually fading. We believe Atenor is well-positioned in European office real-estate development to take advantage of the underlying trend, with market demand increasingly shifting to assets with higher technical and qual...

05/18/20 May 18, 2020 35 EN
Arnaud Goossens
  • Arnaud Goossens
EUR 499.00
ATEB ATENOR S.A.

Portfolio scale-up enhances profit generation and eases risk profile

Atenor is a European real estate development company active in the sector's entire process, from identifying and acquiring locations to developing and selling them, with no direct involvement in construction. The company's portfolio includes 29 projects for more than 1.2m m², up from 9 projects in 2009. Atenor’s core focus is offices and, to a lesser extent, residential. Exposure to its domestic market, Belgium (33% of portfolio), is gradually fading, though at a higher pace since 2016 thanks to...

11/11/19 November 11, 2019 37 EN
Arnaud Goossens
  • Arnaud Goossens
EUR 102.26

Sales momentum strengthens in 3Q17

Sioen reported a strong top-line performance in 3Q17. Group sales reached €116.3m in 3Q17, up 32.2% y-o-y, and 9% above our forecast . Half of the beat is from a stronger performance of acquisitions, while the other half is from organic growth in Apparel, driven by new contract wins. Guidance remain purely qualitative: the company expects similar underlying trends in 4Q17 as in 9M17 which is, nevertheless, very supportive (5.8% organic growth was achieved in 9M17 vs. our previous forecast of 2.9...

11/16/17 November 16, 2017 3 EN
Arnaud Goossens
  • Arnaud Goossens

Transformational deal(s)

Roularta announced the disposal of its 50% stake in Medialaan (TV broadcasting) and the acquisition of a 50% stake in Mediafin (financial newspapers), with a substantial impact on the positioning of Roularta (more focus on content and Print Media), its value proposition (focus on the group's core business with, potentially, stronger synergies) as well as its balance sheet structure (fully deleveraged, with a net cash position estimated at €170m). Our fair value estimate is raised to €22.1/share ...

10/05/17 October 5, 2017 18 EN
EUR 506.10
ROU Roularta Media ...

Back on its feet

Roularta is Belgium's leading media company with a core business in Printed Media (high-end business and news magazines as well as local free sheet) and with a 50% stake in Medialaan, Belgium's leading private free-to-air TV & Radio broadcaster (importantly, Medialaan weighs 78% of group earnings). The stock is trading at a significant discount to peers and our fair value estimate for Roularta,based on SOTP, is €30/share. Following the exit of loss-making French publishing business in early 2015...

ROU ROULARTA MEDIA GROUP N.V.
10/14/15 October 14, 2015 1 EN
Arnaud Goossens
  • Arnaud Goossens
EUR 499.00
ALAVY AUDIOVALLEY SA

Digital audio software, ad tech and monetisation engine, all-in-one

AudioValley is a Belgian technology company active in the field of digital audio disruption covering most of the industry’s value chain: from music licencing to software enabling the creation, streaming and hosting of digital audio content over the internet for a range of publishers including online radio channels, podcasts, connected hardware, etc. The digital audio market is growing fast, catching up (Europe) or taking over (North America) analogue audio in terms of audience. We expect digital...

06/03/20 June 3, 2020 37 EN
Arnaud Goossens
  • Arnaud Goossens
EUR 499.00
ATEB ATENOR S.A.

Steady as she goes

Atenor is active in the entire real estate development process, from identifying and acquiring locations to developing and selling them, albeit with no direct involvement in construction. The focus is offices (74% of its portfolio). Exposure to its domestic market, Belgium, is gradually fading. We believe Atenor is well-positioned in European office real-estate development to take advantage of the underlying trend, with market demand increasingly shifting to assets with higher technical and qual...

05/18/20 May 18, 2020 35 EN

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