reports
- 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...
- Alexandre DESPREZ
H1 25: Change in business model enacted
H1 25: Change in business model enacted EARNINGS/SALES RELEASES Drone Volt enacted its new status with this half-year release. The group reiterated its guidance of positive EBITDA for FY 25, reinforcing our conviction that it will be able to offset the seemingly difficult first half. The group significantly reinforced its balance sheet, won new orders, and successfully entered the US market with the help of its anchor US shareholders. We reiterate our positive recommendation on the name, focus...
- Alexandre DESPREZ
Opinion change, from Add to Reduce (Drone Volt)
OPINION CHANGE CHANGE IN OPINION CHANGE IN EPS 2025 : € (0.05) vs (0.08) ns 2026 : € 0.04 vs 0.07 -37.3% Our EPS forecast for 2025 has benefitted from the higher number of shares (+15.9m to 57m) linked to the planned €12.4m capital increase, thus reducing the loss. Our EPS forecast for 2026 has suffered from the same effect as we forecast a positive net profit. CHANGE IN NAV € 1.17 vs 1.76 -33.9% Our NAV has been impacted by the 15.9m increase in the number of shares to c.57m expected at ...
- Alexandre DESPREZ
A new €6m order that changes Drone Volt's dimension (Drone Volt)
A new €6m order that changes Drone Volt's dimension OPINION CHANGE CHANGE IN OPINION Add vs Sell CHANGE IN EPS 2025 : € (0.08) vs (0.09) ns 2026 : € 0.06 vs 0.05 +20.5% Our EPS forecast for 2025 has been upgraded following the announcement of the latest €6m contract. We now forecast growth of 110% to €5.3m for the Drone Volt Factory division (100% previously) and a gross margin of 57% (from 55%) or €3mn. This has a positive effect on the bottom line in 2025 and 2026 as we have not changed o...
- Egor Sonin
Cementir earns global sustainability spotlight
Cementir earns global sustainability spotlight SIGNIFICANT NEWS It’s not every day that a cement company makes it onto a list of the world’s most sustainable businesses. But that’s exactly what Cementir Holding has done. Named among the World’s Most Sustainable Companies 2025 by TIME and Statista, Cementir ranks as the only cement group from our coverage to receive this global recognition — an achievement that carries both symbolic and strategic weight in a sector under intense scrutiny for it...
- Egor Sonin
A niche strategy in a heavy industry
A niche strategy in a heavy industry LATEST We have updated our valuation for Cementir, moving from a simple volume-based model to one based on DCF per geographic unit, which gives a more disciplined picture of how each part of the business performs. This includes listed subsidiaries like Çimentas and separates countries like Norway and Sweden, as shown in the 2024 report. With a new enterprise value of €3.36bn and a NAV-based target price of €21.6, we take a fresh look at the full investment ...
- Egor Sonin
- Fabrice Farigoule
Here we are for the announced capital increase
Here we are for the announced capital increase FINANCING ISSUE After Crossject had announced the “preparation of the launch” of a c. €5m capital increase aimed at securing the needs of the group until the Emergency Use Authorization is reached (€5.8m if the extension clause is exercised), the group confirmed it will proceed with it. While it was doomed to happen, the real news that the market is expecting is of course the filing of Zepizure, still planned…for this month. FACT The group will...
- Egor Sonin
Reassessing Cementir's Turkish Positioning
Reassessing Cementir's Turkish Positioning SIGNIFICANT NEWS Cementir sold its small Kars plant in northeastern Turkey for €51m (13x EBITDA). It is a minor move, representing less than 2% of group revenue and EBITDA. With just 0.6Mt capacity (vs. 5.4Mt in Turkey), Kars was a non-core, stand-alone asset outside Cementir’s integrated operations in western and central Turkey. However, the disposal aligns with Cementir’s strategy to streamline its footprint, free up capital, and focus on higher-gro...
- Fabrice Farigoule
Another capital increase in the pipe…
Another capital increase in the pipe… FINANCING ISSUE Crossject announced the preparation for a capital increase of approximately €5m, intended to meet the group’s needs until the Emergency Use Authorization is obtained. This amount could rise to €5.8m if the extension clause is exercised. This capital increase will provide management with flexibility for commercial and production activities related to this approval. FACT Crossject announced it is preparing a capital increase (beginning of ...
- Egor Sonin
Cementir delivers stable Q1 amid margin pressure
Cementir delivers stable Q1 amid margin pressure EARNINGS/SALES RELEASES Cementir Holding’s first quarter of 2025 did not deliver any grand surprises – positive or negative. However, a flat EBITDA hid contrasting Baltic gains and a bout of Turkish weakness, as well as the usual FX complexities. Cash flow resilience must be saluted. FACT Revenue: €368.1m (vs €368.3m in Q1 2024) EBITDA: €66.4m (vs €66.5m in Q1 2024) Profit before tax (PBT): €30.3m (vs €58.7m in Q1 2024) Outlook for the full y...
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