reports
- Alexandre DESPREZ
Drone Volt on the move
Drone Volt on the move EARNINGS/SALES RELEASES Drone Volt unveiled outstanding results, widely beating its Q1 23 guidance provided two months ago and maintaining its objective of increasing its gross margin and the recurrence. FACT • Sales increased by almost 5x to €8.9m (Q1 23: €1.6m) thanks to the completion of the big distribution contract notably (which was not initiated in the Q1 23) and new orders, smashing the company’s goal to at least double the sales compared to last year. • The g...
- Fabrice Farigoule
Patience is a virtue… hopefully
Patience is a virtue… hopefully EARNINGS/SALES RELEASES The group took the market by surprise, issuing a press release on the progress made in its US strategy and a (very summarized) set of results for FY23. We mostly see negative points in this release and the hope of Zeneo reaching the US market through an EUA in FY24 have vanished… we will downgrade our numbers after the release of the FY23 detailed results, in particular by postponing the launch of the group’s NTEs. FACT Crossject issued...
- Sylvain Perret
An all-weather model supported by crypto tailwinds (Swissquote Group H...
An all-weather model supported by crypto tailwinds NAV CHANGE CHANGE IN TARGET PRICE CHF 286 vs 277 +3.29% The slight upward change in our target price on Swissquote mostly reflects the increase in Swissquote’s projected dividend yield and our NAV upgrade. The former is based on the management’s decision to upgrade its dividend policy to a 30% fixed dividend pay-out ratio target instead of a dividend growth policy from 2023. This decision has resulted in a considerable increase to our divide...
- Alexandre DESPREZ
Drone Volt ready for new growth phase
Drone Volt ready for new growth phase EARNINGS/SALES RELEASES Drone Volt announced yesterday its audited FY23 figures, confirming an improvement in profitability despite experiencing several external headwinds. FACT Sales had already been announced at €23.993m, a 75% increase compared to last year. The gross margin was revised slightly upwards to €3.673m, increasing by 27% compared to last year and above the previous estimate of €3.394m EBIT also improved substantially from €-22.039m to €-5....
- Saïma Hussain
FY23: IDI rewards its shareholders
FY23: IDI rewards its shareholders EARNINGS/SALES RELEASES After 2 successive years of solid results, IDI delivered another set of impressive earnings in FY-23, marked by an 11% increase in NAV. The positive developments were driven by the robust operating performance of the Private Equity Europe portfolio and brilliant divestments in spite of the unfavourable environment. IDI is spoiling its shareholders with a dividend of €5 per share (incl. €2.25 extraordinary) and confirms that it is uniqu...
- Sylvain Perret
FY-23: all-weather business model continues to thrive
FY-23: all-weather business model continues to thrive EARNINGS/SALES RELEASES Swissquote published strong results in 2023, in-line with trends observed in H1-23, thanks to a considerable rise in asset margins on the back of higher interest income generated on clients’ cash deposits. The regain in customer activity at the end of 2023, continuing in 2024, continued customer asset gathering and the gradual decline in policy rates should continue to support earnings going into 2024 and help the gr...
- Christian Auzanneau
Accelerating the deployment of the pipeline
Accelerating the deployment of the pipeline SIGNIFICANT NEWS The many projects underway will require us to carry out an in-depth review of our model, our figures and our valuation per share. We take a look at the latest news from Courbet. FACT Signature of a management agreement in Prague with Accor concerning the Mozart hotel, which will become a Sofitel. The Collège in Cannes will be rebranded under the Hosho banner as part of an agreement with Louvre Hôtels (Jinjiang group). A buildi...
- Fabrice Farigoule
Securing the financing needs
Securing the financing needs FINANCING ISSUE With the issuance of bonds, the details of which are given below, the group is securing its short-term financing. We will integrate this new financing in our model. Depending on a number of assumptions (partial or total conversion, interest paid, cash repayments, etc.) our target is price is likely to go down, even if the upside will remain significant in any case. FACT The group has announced an issue of 70 amortizable bonds convertible into new...
- Christian Auzanneau
Preliminary results for 2023. The App is moving forward.
Preliminary results for 2023. The App is moving forward. EARNINGS/SALES RELEASES MHM has given an update on the development of its Matching application. It has also published preliminary results for 2023 in line with our estimates. FACT MyAgency, the Concierge segment of MHM (MyAgency), will have generated €12m in revenue over 2023 and c€0.7m in EBIT. Work on the Matching application continues with successive upgrades. MHM expects to be ready by the end of 2024 to welcome an acceleration...
- Saïma Hussain
Operational results in line with the 2023 expectations
Operational results in line with the 2023 expectations EARNINGS/SALES RELEASES Although 2023 was disappointing, Chargeurs’ top-line and underlying operating profit were broadly in line with our expectations. As had been warned, the pain came from the cash flow spinner, Chargeurs Advanced Materials, in the face of order volatility. The bright side was Chargeurs Museum Studio with astounding deliveries. 2023’s low Ebit-FCF had to contend with soaring interest costs of €29.7m and gearing concern...
- Loco Douza
FY 23: A conservative look to the future
FY 23: A conservative look to the future EARNINGS/SALES RELEASES Cementir Holding reported mixed results for 2023, with sales 2% below but EBITDA 3% above our expectations. For 2024, the group has guided for a conservative outlook due to an uncertain macroeconomic scenario and has revised its Industrial Plan, placing greater emphasis on decarbonization. Ongoing projects targeting carbon emission reduction include clinker content reduction and the adoption of Carbon Capture and Storage (CCS) te...
- Fabrice Farigoule
No news is not always good news...
No news is not always good news... STRATEGIC PLAN The presentation held on Tuesday gave little information (if any) on the recent developments of the company. We regret that no further details were given with respect to the filing processes in the US (Emergency Use Authorization), in particular concerning the timing. We also regret that it will take a long time (end of April!) to have more flavour on the FY23 accounts and financial perspectives to cope with the extra financing needed. In short...
- Alexandre DESPREZ
New annual sales record and new capital increase
New annual sales record and new capital increase EARNINGS/SALES RELEASES Drone Volt unveiled a promising FY23 trading update but announced a new capital increase to fund its high expected growth. Last year’s performance could have been better without the Chinese restrictions on the sale of drones. FACT Sales for FY23 grew by 74% from €13.7m to €23.9m, beating our estimate and guidance of €23m (revised downwards a month ago). The gross margin for FY23 grew by by 17% from €2.9m to €3.4m, fall...
- Alexandre DESPREZ
Target cut by -10.4% (Drone Volt)
TARGET CHANGE CHANGE IN TARGET PRICE € 0.02 vs 0.02 -10.4% We have incorporated the impact of the dilution following the new capital increase of c.€2.5m, which is the main reason for the decrease in our target price. This impact was mitigated by forecasting higher growth in the drone as a service offer given its successful launch, as this service has higher margins than distribution.
- Fabrice Farigoule
Marketing initiative in the US
Marketing initiative in the US LATEST The group has engaged a supplier in the US to provide support for the pre-launch and launch activities. FACT Crossject has announced it has engaged Syneos Health, an integrated biopharmaceutical solutions organization, to prepare for the commercial launch of Crossject’s ZEPIZURE rescue therapy for epileptic seizures in the U.S. ANALYSIS Syneos Health will provide support in all pre-launch and launch activities for ZEPIZURE. Syneos Health brings a US p...
- Fabrice Farigoule
A new distribution agreement in Northern Europe
A new distribution agreement in Northern Europe SIGNIFICANT NEWS After the firm order placed by the BARDA (Biomedical Advanced Research and Development Authority) in the US and the other commercialization agreement for Australia and New Zealand, Crossject has announced it has concluded a commercialization agreement in northern Europe for ZEPIZURE (ex Midazolam). There will be no real impact on our numbers, since they are based on the actual product launches. FACT Crossject has announced it h...
- Pierre-Yves Gauthier
Tighter family control and goodwill impairment
Tighter family control and goodwill impairment SHAREHOLDING STRUCTURE As of 20-12-2023, SFPI issued a press release announcing plans to increase the family’s control and disappointment about a recent acquisition FACT By February 2024, ARC Management, Crédit Mutuel Equity and BNP Paribas Développement are preparing to acquire from Spring respectively 6.65%, 2.66% et 2.03% of SFPI. Arc Management which is controlled by Mr Morel, the founder, will end up with 57.52% of SFPI and 67% of the votin...
- Pierre-Yves Gauthier
Misfiring recent acquisition (SFPI Group)
Misfiring recent acquisition EPS CHANGE CHANGE IN EPS 2023 : € 0.18 vs 0.21 -14.5% 2024 : € 0.27 vs 0.31 -12.8% The cuts allow for a year-end warning on the prospective sales of Wo&Wo, a 2022 acquisition with a now-disappointing outlook. The corresponding goodwill impairment (€19m) has no impact on the adjusted earnings. CHANGE IN DCF € 3.01 vs 3.34 -10.1% The lower sales now expected from Wo&Wo impact the forward-looking FCF generation and thus the DCF from 2023
- Saïma Hussain
Chargeurs, the rationale behind a takeover bid
Chargeurs, the rationale behind a takeover bid M&A /CORP. ACTION On Friday, Chargeurs announced a takeover bid for itself. Columbus Holding, controlled by Michaël Fribourg, Chairman and CEO of Chargeurs, which currently holds 30% of Chargeurs’ voting rights, is to launch a takeover bid to garner more than 50% of Chargeurs while retaining a listing. With an offer at a 50.5% premium compared to the last three months, Chargeurs sends a signal to the market about its value. FACT The companies C...
- Saïma Hussain
Ending Q3 with firepower at its peak
Ending Q3 with firepower at its peak EARNINGS/SALES RELEASES IDI enjoyed another active quarter. Although the NAV has fallen slightly qoq (-0.9%) since June 30, 2023 (note that only the liquid assets and listed securities were revalued), it has nevertheless risen by 11.4% YTD for the first 9 months of 2023, reflecting the strength of IDI’s business model. 2023 is proving to be a banner year for IDI, which has completed a number of structuring transactions, including the creation of a third-par...
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