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EUROPLASMA: redémarrage de l'usine Inertam selon le planning de l'arrê...
EUROPLASMA / Mot-clé(s) : Développement durable EUROPLASMA: redémarrage de l'usine Inertam selon le planning de l'arrêt programmé 02-Fév-2021 / 08:00 CET/CEST : redémarrage de l'usine selon le planning de l'arrêt programmé Après 5 semaines d'arrêt programmé, l'usine de vitrification des déchets d'amiante a été remise en chauffe le 21 janvier dernier et l'injection des déchets d'amiante a été amorcée ce 28 janvier. Cette période d'arrêt, dont la finalité principale était la réfection du four de vitrification (qui a lieu deux fois par an) a été mise à profit pour démanteler l...
- Pierre-Yves Gauthier
End of coverage
End of coverage SIGNIFICANT NEWS Europlasma is going through a complete revamp of its management, its strategy and its finances. We stop coverage after seven years of paid-for research. FACT - Europlasma’s new owners and managers published its 2018 accounts in October with a €-53m loss after a €32m amortisation of various assets. 2018 shareholders’ funds stand at €-34m. Net debt stands at €28m. - The management team is deemed to be completely renewed by November 2019, - The AGM o...
- Pierre-Yves Gauthier
Restart
Restart FINANCING ISSUE On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for that dilution from now on. FACT An ad-hoc Luxemburg based SPV named Zigi Capital and 50/50 owned by MM Alexandre-Henri Carré and Jérôme Garnache-Creuillot has committed to injecting the necessary resources into Europlasma to make it a successful venture. Thoee plans have been accep...
- Pierre-Yves Gauthier
Price to pay for survival: massive dilution (Europlasma)
Price to pay for survival: massive dilution TARGET CHANGE CHANGE IN TARGET PRICE€ 0.08 vs 0.23 -67.6% Now that the commercial court has signed off the restructuring and refinancing plans implemented by a new reference shareholder, we use the potential new number of shares of 640m shares vs. the 345m in our previous guesstimates. Note that, since 2018 accounts have yet to be released, the modelling is out of whack anyway. Everything hinges on the ability of the new governance to obtain full f...
- Pierre-Yves Gauthier
May be ...
May be ... FINANCING ISSUE Europlasma may have found a new reference shareholder FACT Europlasma on 04/06 indicated that a would-be financial partner had submitted a “continuation†plan to the French courts with a court decision about this offer expected by the end of July 2019. The proposal made by Luxembourg-based Zigi Capital would be to become a reference shareholder, keep the group as is including its industrial partners but restructure both the funding and the governance. ANALY...
- Pierre-Yves Gauthier
Europlasma files for Chapter 11
Europlasma files for Chapter 11 FINANCING ISSUE Europlasma could not bring to fruition plans to recapitalise/dispose assets. It filed for the French equivalent of Chapter 11 which opens a 6-month process. Trading should resume on 29/01/2019. FACT Difficult markets by Q4 18 put paid to Europlasma’s plans to launch a rights issue and then to finalise the possibility of a partial disposal. Bond holders (€5m), due to be repaid by the close of 2018, effectively pulled the plug. On 22/01 Euro...
- Pierre-Yves Gauthier
Allowing for delay-driven H1 losses (Europlasma)
Allowing for delay-driven H1 losses TARGET CHANGE CHANGE IN TARGET PRICE€ 0.21 vs 0.34 -38.5% The small new energy group is suffering from further delays to fine-tune its power generation technology. This implies continuing refinancing concerns that have sent the share price down in a negative spiral. We have allowed for higher dilution compared to the previous scenario. As a reminder, Europlasma may use its existing majority control of the power generation business to raise cash at this lev...
- Pierre-Yves Gauthier
Orano as big bro'
Orano as big bro' STRATEGIC PLAN Europlasma brings in Orano as a mighty partner to grow its hazardous waste management business. FACT Europlasma has signed a frame agreement ready to be executed with Orano (ex Areva, state-owned) that will help it expand its dangerous waste processing businesses dramatically. Europlasma and Orano have complementary technologies / know-how while Orano has the worldwide network on which Europlasma hopes to build new joint commercial opportunities. The frame ag...
- Pierre-Yves Gauthier
Europlasma bridges delays with costly equity
Europlasma bridges delays with costly equity FINANCING ISSUE Clients/funding delays lead management to activate expensive equity/convertible funding. FACT Europlasma launches a €8m capital raising by a way of a convertible issue to bridge delays in its ongoing projects. ANALYSIS Europlasma is experiencing delays to the funding of its Tiper power generation plant and to a technology JV with ArcelorMittal. This is presumably forcing the group to go for another tranche of expensive fina...
- Pierre-Yves Gauthier
Inclusion 2017 figures; little change to forecasts (Europlasma)
Inclusion 2017 figures; little change to forecasts EPS CHANGE CHANGE IN TARGET PRICE€ 0.38 vs 0.36 +5.05% The 2017 earnings recognize additional losses that can be seen as investments as Europlasma has delivered on its complex power generation projects. CHANGE IN EPS2018 : € -0.01 vs 0.00 ns 2019 : € 0.00 vs 0.01 -75.1% 2017 EPS allow for deeper losses, financed by new equity issues. Dilution should stabilize from 2018-H2 onwards. CHANGE IN NAV€ 0.35 vs 0.43 -17.4% The NAV allows for...
- Pierre-Yves Gauthier
Model adjustments for full integration of power generation units (Euro...
Model adjustments for full integration of power generation units EPS CHANGE CHANGE IN TARGET PRICE€ 0.38 vs 0.37 +1.42% Europlasma's business model change, whereby it garners full control of its green power generation units, is an essential strategic move with positive implications in terms of visbility. It tends to weigh on near-term valuations though as the surge in its fixed asset base bites into the FCF. It is primarily the DCF and NAV valuations that help recognise the future value of t...
- Pierre-Yves Gauthier
A most welcomed simplification
A most welcomed simplification STRATEGIC PLAN Europlasma simplifies its corporate set up. The group will now own its power generation units and can crystallise the “hidden†value of those assets in the simplification process. FACT Europlasma should complete by the end of March 2018 a number of steps that will lead it to the full control of the SPVs which are at the heart of its green power generation proposition. Whereas the cash benefits of the recently-announced transaction are fairly ...
- Pierre-Yves Gauthier
Plasma to help clean up steelmaking
Plasma to help clean up steelmaking SIGNIFICANT NEWS Europlasma sees a long-term market in applying plasma-based clean-up know-how to steel furnaces. Revenue prospects and timetable are not available. FACT Europlasma has announced a technical breakthrough. It plans to deploy its plasma-based gas-cleaning technologies in steel furnaces. Arcelor Mittal is a partner at a pre-industrial stage with the ambition to deploy the technology to reduce its massive CO2 footprint (c.190Mt). Funding of the...
- Pierre-Yves Gauthier
Fresh and less expensive round of financing
Fresh and less expensive round of financing FINANCING ISSUE Europlasma launches a fresh round of financing, already allowed for in our forecasts. The cost looks less steep than could have been feared. FACT Europlasma collects another €8m of fresh financing. It broadly relies on the same financing mechanics as deployed in a 2016-17 round: issuance of immediately converted convertibles at a discount to the spot market price. This fresh financing is secured under significantly better conditi...
- Pierre-Yves Gauthier
Allowing for 2017 financing (Europlasma)
Allowing for 2017 financing TARGET CHANGE CHANGE IN TARGET PRICE€ 0.35 vs 0.68 -48.0% The sharp drop in the target price is due to an overdue set of adjustments that combines the H1 17 release and the dilution associated with financing, as well as a full resetting of forecasts to allow for various delays. CHANGE IN EPS2017 : € -0.11 vs 0.02 ns 2018 : € 0.01 vs 0.05 -85.0% Updates to fragile forecasting models and dilution factors lead to significant corrections. 2017 earnings have also ...
- Pierre-Yves Gauthier
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2016's considerable pains open the way to a power generation future
2016 was another painful year for Europlasma with losses of €-17.3m (comparable to 2015) on sales of €9.7m (down 31%). These losses result from well understood (and since overcome) delays to the now successful bid to sort out technical issues at the power generation unit (CHO Power) with, on top, accidental production issues at the currently most cash generative business line (asbestos treatment by Inertam). It finally looks like Europlasma’s c.€60m cumulative loss between 2014 and 2016,...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Pierre-Yves Gauthier
Cash drain continues by H1, ends by 2017 ?
Europlasma released a set of figures for H1 16 that can only be acceptable because management confirmed that the cash drain will subside soon. Sales are down €1.2m to €5.7m, EBITDA is flat at a negative €5m and the net loss is about €-9m (a €+0.7m improvement) so that shareholders’ funds stand now in the red at €-5.2m while net debt tops €10.8m from €5.7m. The primary cash consumer, Europlasma’s power generation unit, is actually making serious progress towards being declared...
- 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 gree...
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