reports
- Wim Lewi
EVS Valuescan
Valuescan PDF report with full description, 10yr financials and valuation with Link to full automated excel model (via weblink in PDF) EVS is the market leader in the complex niche market of production servers for live sports events. This market moves on a two-year cycle with major sport events at even years like the Olympic Games and the football championships. The market for sports production is also saturated because the production cars always move from continent to continent. The rise of In...
- Wim Lewi
Econocom Valuescan
This report contains a Description, Business Model and Valuation section. The full Excel financial model is available via Weblink in the report. Econocom is a European provider of business-to-business digital services. It was founded in 1974 by Jean-Louis Bouchard as Europe Computer Systèmes (ECS). Econocom currently employs 10,700 people, has 40 years’ experience and 7.0 million digital assets managed. The group’s three areas of business are: Technology management & financing, IT & Telecom Se...
- Wim Lewi
AGFA, Niche player in consolidating market
​ The current AGFA management can present a good track record with better results over the last 12 quarters. The pension problem has probably prevented a takeover by a bigger player and complicates valuation. We have taken a very conservative view in this issue by adding the pension deficit to the financial debt. If Interest rates normalise, AGFA’s current equity value will double by itself. However, our expectations of sales growth, profitability and capital needs generate a fair value of 5...
Fagron - Easy Cash Built a House of Cards
​ The stock is now left to market forces as consensus expectations are in free-fall. The company did not deliver enough information at the 1H15 results to make a fundamental forecast on sales 2015 and beyond. This could be related to the US investigation into compounded drug pricing. The company might not want to implicate itself before the end of the investigation. This process can take a year to 18 months before fines are imposed. It is clear the due-diligence in the 2014 US acquisitions mis...
Media Disruption Pause, stay tuned
​EVS Broadcast Equipment SA is a company headquartered in Belgium, with around 20 offices in Europe, the Middle East, Asia and North America. Founded in 1994, its innovative Live Slow Motion system revolutionized live broadcasting. The traditional broadcasting earnings model has been disrupted. One of the key factors is the advent of internet protocol television (IPTV) and multi-platform delivery. This structural change has also undercut the revenue models of the traditional TV companies that ...
Urban Mining Gold Rush
​Umicore is play on the emerging 'cradle to cradle' mentality. The company has made a successful switch from metal processor to an 'urban mining' company that gains precious metals and other rare materials from waste. Umicore also invests into promising technologies like materials for electric vehicle batteries and recycling techniques. This company note gives a detailed description of the company (chapter I) and the sector (II). The business model (III) discusses the Growth, Profitability and...
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