reports
- Fabrice Farigoule
FY25 results: no big change.
FY25 results: no big change. EARNINGS/SALES RELEASES The FY25 results were unsurprising, as the focus for Crossject remains on the future launch of Zeneo. The additional contribution from BARDA slightly reduces losses. However, cash consumption suggests the possibility of further dilution before achieving key operational milestones, such as the initial deliveries to BARDA. We do not anticipate significant changes to our valuation. FACT The group published its FY25 results. Operating income i...
- Alexandre DESPREZ
A FY25 transition year burdened by non-cash impacts
A FY25 transition year burdened by non-cash impacts EARNINGS/SALES RELEASES Drone Volt has just announced mixed audited FY25 figures due to non-cash impairments and regulatory burdens. This opens the way for a return to growth in 2026 with an expected focus on the US market, potentially through add-on acquisitions and a NASDAQ listing, as well as more defence-related orders. We thus reiterate our positive stance on the stock given the many catalysts in the coming year that could boost the re-r...
- Christian Auzanneau
Data centers: strategic partnership with Vantage
Data centers: strategic partnership with Vantage EARNINGS/SALES RELEASES Altarea, in conjunction with its FY 25 financial results, announced a partnership with Vantage Data Centers (9GW) to develop hyperscale data centers dedicated to AI /cloud in France. This includes an initial 400MW unit in Bordeaux, for which Altarea has already secured the electrical connection. This will be Vantage’s first facility in France. This initiative aligns with Altarea’s strategy in the data computing and hostin...
- Egor Sonin
FY 2025: Higher EBITDA and expanding net cash
FY 2025: Higher EBITDA and expanding net cash EARNINGS WRAP-UP FY 2025 reinforces Cementir’s profile as a high-margin, cash-generative cement platform with a strong balance sheet and a credible decarbonisation pathway. The investment narrative is helped by three elements. FX masked underlying stability, recurring EBITDA still progressed despite operational one-offs and currency drag, and net cash expanded materially. The 2026–2028 plan adds visibility around cash build and capital intensity, w...
- Alexandre DESPREZ
EPS cut (2025: from € -0.06 to -0.09, 2026: from € 0.02 to 0.00) (Dron...
EPS CHANGE CHANGE IN EPS 2025 : € (0.09) vs (0.06) ns 2026 : € 0.00 vs 0.02 -85.9% We have updated our figures to include the trading update released yesterday evening, which has led us to review our sales and gross margin projections for 2025 and 2026. For 2025, we now forecast €8.8m in sales compared to €10.7m previously, and €3.6m in gross profits compared to €5.4m previously. For 2026, we now forecast a higher growth rate for the high-margin division Drone Volt Factory (150% to €6.7m comp...
- Alexandre DESPREZ
A FY25 transitional year with a sense of incompleteness
A FY25 transitional year with a sense of incompleteness EARNINGS/SALES RELEASES Drone Volt unveiled a mixed FY25 trading update with disappointing financials for FY25 but a promising outlook for FY26. Another year of growth is expected in its high-margin activities, which should help reach the missed positive EBITDA objective in 2025, albeit with a delay. Drone Volt is still considering a NASDAQ listing for 2026, which could help lift its valuation and raise its reputation in the important Nor...
- Jie Zhang
Blue blooded silverware
Blue blooded silverware LATEST 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 ini...
- Jie Zhang
- Alexandre DESPREZ
A rerating in sight with potential Nasdaq listing
A rerating in sight with potential Nasdaq listing M&A /CORP. ACTION ANALYSIS Drone Volt has just announced that it plans a NASDAQ listing in a quest to improve its valuation. This would be done with the help of Maxim Group LLC, which would be paid in shares but capped at 4% of capital (of which 3% if the listing is successful). This additional listing makes strategic sense as the US drone market is the number one in the world and is now free from Chinese competition, which has enabled the com...
- Fabrice Farigoule
Yet another round of financing
Yet another round of financing FINANCING ISSUE Crossject has raised €5m through the issuance of convertible bonds. Management indicates that this financing round should meet funding requirements until the EUA is granted. We will incorporate this financing, considering the benefits of the additional cash and the potential for further dilution. However, due to the amount and nature of the issuance, the impact on our figures will be limited. FACT Crossject has announced the completion of a €5m...
- Saïma Hussain
IDI back on the front foot
IDI back on the front foot EARNINGS/SALES RELEASES At the risk of repeating ourselves, the picture is now clear: after a sluggish 2024, IDI has moved at a very different rhythm in 2025. The group has shifted from caution to controlled acceleration. Q3 itself may look modest in terms of transactions, but the comparison with last year is striking. Activity has picked up, investment income has doubled, and the pace of portfolio work has visibly intensified. IDI is not chasing deals for the sake o...
- Egor Sonin
Q3: Cementir builds its 2026 recovery
Q3: Cementir builds its 2026 recovery EARNINGS WRAP-UP During the first nine months of 2025, Cementir Holding delivered a solid operational performance despite a tough macroeconomic environment. Cement volumes continued to grow, helping revenues remain stable at €1.23 billion. EBITDA edged down 2.9% to €287.3 million, affected by a €12.5 million negative FX impact and €2.7 million in non-recurring charges. A standout feature of the period was the sharp improvement in the balance sheet, as net ...
- Christian Auzanneau
Confirmed resilience, but no real momentum yet
Confirmed resilience, but no real momentum yet EARNINGS/SALES RELEASES The communication maintains a positive tone. Management will update on two business segments—photovoltaics and data centres—on 24 February 2026, during the presentation of 2025 results after market close. FACT Residential development bookings increased by 12% in 9M 25, compared to a 16% rise in H1 25. Demand from first-time buyers grew by 30% in H1 25 and 21% over 9M 25. Retail asset rental growth stands at 1.7% on a cur...
- Alexandre DESPREZ
Opinion change, from Buy to Add (Drone Volt)
OPINION CHANGE CHANGE IN OPINION CHANGE IN EPS 2025 : € (0.06) vs (0.06) ns 2026 : € 0.02 vs 0.03 -29.1% Our EPS forecast for 2026 has suffered from the higher number of shares (+12m to 69m), linked to the €6.4m capital increase announced this morning. CHANGE IN NAV € 0.86 vs 1.14 -24.7% Our NAV has been impacted by the 12m increase in the number of shares to c.69m, expected at the year-end 2025, which has been partially offset by the higher level of net cash. Both of these changes result...
- Alexandre DESPREZ
EPS cut (2025: from € -0.05 to -0.06, 2026: from € 0.04 to 0.03) (Dron...
EPS CHANGE CHANGE IN EPS 2025 : € (0.06) vs (0.05) ns 2026 : € 0.03 vs 0.04 -6.00% We have slightly reduced our assumptions for 2025 on the Drone Volt Factory, Services & Academy segment as they were no longer realistic at this stage of the year. We have notably reduced our sales for the services side from €4.658m to €3.699m and for the rest of the division from €4.866m to €4.409m. This was slightly mitigated by the distribution division, which suffered from a less severe decline in Q3 than w...
- Alexandre DESPREZ
Slightly disappointing Q3 results, but commercial momentum remains
Slightly disappointing Q3 results, but commercial momentum remains EARNINGS/SALES RELEASES Drone Volt released a rather disappointing Q3 trading update with top-line and gross result decline at its high-margin segment, Drone Volt Factory, Services & Academy. Although it suffered from a truly tough comparison base and a usual summer negative effect that impeded potential offsetting by other activities, the company reaffirmed its outlook. This probably shows that this quarter is not that bad but...
- Saïma Hussain
IDI enters a new gear
IDI enters a new gear EARNINGS/SALES RELEASES After a period of measured restraint, IDI is shifting into a more active phase. Investment activity has picked up sharply, with carefully chosen deals that demonstrate discipline and foresight rather than chasing volume. CDS/S4BT, Intesoft, Forsk, and targeted bolt-ons show that IDI is not deploying capital for the sake of it. This is portfolio engineering with precision, optionality, and the compounding power of a firm that knows when to act and w...
- Alexandre DESPREZ
Positive EBITDA objective still in sight despite guidance revision
Positive EBITDA objective still in sight despite guidance revision EARNINGS/SALES RELEASES Drone Volt published its complete H1 25 results, which showed improvement in underlying results despite being superficially burdened by one-off charges. In particular, the restructuring charges might have led the group to slightly downgrade its guidance, although the positive EBITDA objective should still be reached as soon as H2 25. We thus reiterate our Buy recommendation on this now well-funded compan...
- Egor Sonin
Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance
Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance EARNINGS WRAP-UP Cementir entered 2025 with steady volumes and firm control over its operations. While profits were temporarily weighed down by currency effects and isolated disruptions, the business stayed on course. Full-year guidance — €1.75bn revenue, €415m EBITDA, €410m net cash — is confirmed, with momentum expected to pick up in the second half. FACT Revenue: €807.1m, +0.5% vs H1 2024 EBITDA: €171.5m, -5.7% vs H1 202...
- Christian Auzanneau
Adequate positioning in a still uncertain end-market
Adequate positioning in a still uncertain end-market EARNINGS/SALES RELEASES Altarea reported robust profit growth in H1 25. Profits in Residential Development remained stable, despite ongoing market adjustments. The financial reporting tone is clear, with a slightly more positive outlook than in Q1 25. FACT Revenue decreased by 20%, with a decline in development activity in both residential (-24%) and commercial (-21%) sectors. However, there was an acceleration in organic growth in proper...
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