Robust funding, promises in locks & safety
Our target price is mechanically cut by allowing for a c. 23% drop in 2020 revenues and a best guess at zero profits. The small industrial conglomerate entered the COVID-19…
The right time to establish itself as a software provider
Not immune to the COVID-19 crisis, Keyware nevertheless boosted the revenues of its software division, within which the EasyOrder application was a success during the lockdown period. The payment terminals…
As fit as possible
2020 worries will obviously wipe out all the 2019 solid achievements. Even more so since the owner-manager went for substantial book cleaning. SFPI comes out as an ever-more robust no-nonsense…
Q1 20: lower result but good shareholder remuneration ahead
Cementir Holding announced its Q1 results. Revenue was almost flat due to the good performance in the Nordics and Turkey. EBITDA was impacted by a one-off payment of €2.5m, otherwise…
Better-than-expected results
2019 ended on a good note for Blackstone Resources, with FY net attributable income of CHF5.31m vs. CHF22.6m loss in 2018. While the group’s respective (growth) projects remain work-in-progress, the…
New healthcare products activity unlocks unforeseen organic growth potential
Chargeurs’ Q1 revenues showed a subdued impact in the context of the global crisis brought by the COVID-19 outbreak. More importantly, Chargeurs’ quick-witted move into the development of a new…
More tailwinds
Swissquote has managed to navigate successfully (in relative terms vs the Stoxx 600 and the European banking index) through the sanitary crisis (as evidenced in the graph below). As the…
New protective equipment activity to help offset Coronavirus impact
Chargeurs’ new initiative, focused on the development and production of personal protective equipment (PPE), will allow the group to leverage the expertise of its PCC Fashion Technologies division to meet…
Collaboration to bring floater on the international stage
Dolfines/Dietswell has signed a Memorandum of Understanding with CIMC Raffles. This collaboration is a positive development, and, as we have argued in the past, was a necessary step for the…
Meaningless FY19 results and product update
FY19 results meaningless as usual Some calendar delay due to the COVID-19 crisis The company on track though for first filings in FY20/21 No change to our opinion after the…
Integration of FY19 figures and COVID-19 impacted outlook
We have updated our model with the FY19 results. The company performed better than we had anticipated, especially in Turkey, where we priced in the impact of the country’s economic…
A very reassuring guidance
Swissquote released full annual results this morning. It had already disclosed its revenues and pre-tax margin in January (cf. our Latest) but these full results add some positive news to…
Positioned to take advantage of increasing power of digitalisation in order payment
Challenges remain in the payment activity, but the positioning in the software business should make Keyware an important player for the near future. FY19 key financials Group sales down by…
Name change to highlight strategic shift
While the weak environment impacts the oil & gas activities, the company maintains its strategic shift towards the renewables. The company will take the name of its current renewables division…
Staying on course with strategic roadmap after a volatile 2019
The 2019 performance was solid from a cash-generation perspective in spite of a volatile trading environment for the Protective Films division. The management’s well-placed focus in developing a diversified profit…
FY19: profits higher than our conservative projections
Cementir has published its detailed financial results which confirms our view regarding the company’s laudable cash flow management. Overall, the result is in line with our expectations, with Turkey performing…
H1 19: P&L disappoints but cash flow generation is intact
P&L figures disappointed the market. However, cash is king and investors should instead focus on FCF, which was maintained at a good level. Management maintained its guidance for FY 19,…
FY19 sets a sound foundation for growth in 2020
Following a challenging first half of the year, Chargeurs has closed a satisfactory FY19 in terms of revenue growth and sustained operational profitability. The sizeable investments carried out through 2019…
Strategic move towards museum servicing fully established
Chargeurs has taken a major step towards its goal of establishing global businesses in niche markets through the acquisition of D&P Incorporated, the US market leader in museum services. The…
An intriguing battery (materials) play, although execution is the key
Blackstone Resources should soon start benefiting, in cash-flow terms, from the operational start of its mining, smelting and trading assets. While the group, in 2019, made an interesting bet in…
Extra-financing to increase visibility
Crossject announced it has issued zero-coupon convertible bonds (€5.7m) at 92% of their nominal value, maturing on 31 December 2021, convertible at the lowest price between €2.30 and an average…
When cement goes green too
Cementir has announced a €100m additional green investment, and cost-cutting strategies in the ‘Industrial Plan 2022’ during the 9M 2019 results. To promote profitable sustainability, the investment is aimed at…
Green capex should drive EPS higher
In our opinion, the 300bp EBITDA margin improvement by 2022 as well as the back-ended green capex should drive EPS higher as soon as 2020, compared to our previous assumptions….
Reassuring end of year update
Dietswell released a positive end of year update. While the environment remains positive in offshore wind, the group has also signed several significant contracts in oil & gas. It seems…