reports
- 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...
- Fabrice Farigoule
Back to life?
Back to life? EARNINGS/SALES RELEASES CROSSJECT has provided an update on the EUA filing for Zepizure. Management has confirmed the filing will occur in June 2025, as previously indicated, demonstrating adherence to their timeline. This development is likely to enhance investor confidence, which had recently declined. Consequently, the market has reacted positively, although the successful launch of Zeneo is not yet fully reflected in the share price. Our target price remains unchanged at €6.7...
- Alexandre DESPREZ
EPS cut (2024: from € -0.59 to -0.68, 2025: from € -0.09 to -0.09) (Dr...
EPS CHANGE CHANGE IN EPS 2025 : € (0.09) vs (0.09) ns 2026 : € 0.05 vs 0.06 -16.7% Our EPS for 2024 was impacted by the lower number of shares than expected (20.1m vs 20.5m) as the effective timing of the last capital raising announced in December 2024, came later than expected. Our EPS for 2026 was only marginally changed following the release of the annual report with full figures, which marginally impacted our estimates.
- Christian Auzanneau
Gradual recovery starting in 2025?
Gradual recovery starting in 2025? INITIATION COV. The initiation of coverage allows us to encompass the majority of the French residential development market, including companies such as Nexity, Icade, Bouygues, Vinci, and Eiffage. Additionally, we monitor some non-covered entities like Kaufman & Broad and Bassac. This also enhances our coverage of the retail property sector in France, including Mercialys, Klépierre, URW, Hammerson, and Wereldhave, with the latter two pursuing exit strategies...
- Alexandre DESPREZ
DCF cut by -12.2% (Drone Volt)
DCF CHANGE CHANGE IN DCF € 1.16 vs 1.32 -12.2% We have updated our DCF to include the faster-than-previously-expected decline in the distribution segment. We now forecast a 85% decline to €4.2m over 2025 compared to our previous forecast of a 70% decline to €8.5m. This has affected our EBITDA sequence for 2025 and beyond (c.€100-500k) as we have not changed our growth assumptions going forward, and thus our FCF for these years.
- Alexandre DESPREZ
Q1 '25: A confirmed change in business model
Q1 '25: A confirmed change in business model EARNINGS/SALES RELEASES Drone Volt unveiled promising results with a strong gross margin improvement that was not yet enough to compensate for the massive decline in revenue from the distribution segment. The group reiterated its guidance for 2025, which is reachable in our view, thanks to the strong order intake related to defence notably. Despite the recent impressive share price performance related to the broader defence names trend as well as an...
- Alexandre DESPREZ
Target cut by -13.7% (Drone Volt)
TARGET CHANGE CHANGE IN EPS 2024 : € (0.59) vs (0.59) 2025 : € (0.09) vs (0.12) ns Our 2025 EPS forecast has benefited from the higher average number of shares in 2025 (+9m to 39m) resulting from the €5m capital raising and the subsequent expected exercise of the share purchase warrants attached to these new shares, thus reducing the loss per share. CHANGE IN NAV € 1.07 vs 1.30 -17.1% Our NAV has been impacted by the c.18m increase in the number of shares to c.53m expected at year-end 2025...
- Fabrice Farigoule
Integrating the FY24 numbers. (Crossject)
Integrating the FY24 numbers. EPS CHANGE CHANGE IN EPS 2024 : € (0.30) vs (0.23) ns 2025 : € 0.00 vs 0.02 ns We have integrated the set of FY24 numbers released yesterday. The FY24 net loss came in higher than our forecast, mainly owing to higher financial expenses (bond issuance to HCM) and a lower tax credit. This does not change our forecasts and view looking forward, based on the launch of Zepizure. CHANGE IN DCF € 6.97 vs 7.51 -7.23% Our DCF valuation has reset lower owing to a highe...
- Fabrice Farigoule
FY24 and outlook: long is the road…
FY24 and outlook: long is the road… EARNINGS/SALES RELEASES The group has released its FY24 results. The figures are not particularly meaningful, as they pertain to products still under development. However, we recognise that financing needs remain a concern. The expected EUA filing in Q225 is confirmed, which is positive. Nonetheless, the immediate requirement for additional funding is evident. FACT The group released its FY24 results. Operating income was €13.256m compared to €13.326m in t...
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