Opinion change
Following the group’s full FY20 results, we have updated our model to incorporate the better than expected results. While FY20 EBIT was in-line with our expectations, the EPS was up…
FY20 results – a Turkish Delight
Cementir Holding has published its detailed FY20 results. Denmark observed a significant margin improvement due to a favourable price-cost mix, and the effects of investments in sustainability and digitalisation. Turkey…
CHS leads FY20 record result as Chargeurs embarks on new strategic plan
In a display of astute and agile management to face the difficult market context brought about by the pandemic, Chargeurs closed a successful FY20 with record profitability. This was driven…
Green bond issued, contract in oil & gas
While the issuance of the green bond confirms the appetite for renewables by the market, the front-end engineering & design contract awarded in oil & gas is re-assuring. In the…
FY 20: performance beyond full-year guidance
Cementir Holding has published better than expected preliminary FY20 results with revenue 4% and EBITDA 13% above our expectations. The positive surprise is mainly from the strong performance in the…
FY20 ends on a high note as Protective Films bounces back
While the FY revenues were clearly driven by the success of Chargeurs’ venture into personal protective equipment under the Healthcare Solutions banner, the Q4 figures held a welcome surprise as…
Capital exchange with Aquiline Drones
Drone Volt will finalise the partnership with Aquiline Drones through a swap of c. 10% of their respective share bases. This second operation will effectively welcome Aquiline Drones into the…
A double bond issue
Crossject announced it had issued two bonds worth €5.24m each including a convertible one. Both bonds have been subscribed by the same investors as in FY19, including the main shareholder,…
All focus shifts to the battery promise
Battery-related technological advancements and, hence, funding commitments, and favourable market sentiment for EVs and clean energy result in an upgrade for the battery division valuation. While delayed initiation for other…
Results in line with 9m19 but cautious guidance for FY20
Just like other cement players, Cementir benefited from higher cement volume sales (+11%) despite the pandemic, bringing the 9m sales and EBITDA almost to 9m FY19’s levels. Revenue and EBITDA…
Another partnership to keep the momentum up
Dolfines has signed a Memorandum of Understanding with 8.2 France to develop an integrated offer in offshore wind. This is positive news for Dolfines. 8.2 France is a company that…
Clearing all waivers ahead of structural partnership with Aquiline Drones
Drone Volt has announced the launch of a capital increase with preferential subscription rights for an amount of c.€3.5m, which may be increased to €4.1m in the event that the…
Healthcare-led Q3 lifts full-year outlook
After a blockbuster Q2 led by the newly-added Healthcare division, Chargeurs’ Q3 results were once again bolstered by the strong sales performance in the health-related activities, this time accompanied by…
In a surprise move, FIPP has deprived FPN shareholders of control over PAMIER SARL
FIPP has taken full control of FPN’s only asset, depriving FPN’s shareholders of the recovery potential linked to building refurbishment or a full redevelopment. This may trigger a long and…
H1: a semester to forget in oil activities
Turnover: €1.5m (-50% yoy) EBITDA: €-1.1m (vs €-0.3m in H1 19) Net income: €-1.3m (vs €-0.5m in H1 19) Net debt: €0.4m Treasury: €0.7m In renewables, nothing new since the…
Beneficiary of battery R&D progress + new funding commitment
Given the delayed start (due to COVID-19) at the respective mining and smelting assets, our 2020 earnings estimates are reset lower. However, as the overall business plans remain unchanged, our…
Strong rebound in Q3, further improvement expected in Q4
Drone Volt has released its Q3 20 figures which showed a strong rebound in activity during this quarter, fuelled by drone deliveries. The third quarter was rich in terms of…
Concretisation of the contract with Aquiline Drones
Drone Volt has announced the signing of the contract with Aquiline Drone for the licensing of Hercules 2 and Altura Zenith along with its camera Pensar in the USA. We…
The verge of a new era for Drones
Drone Volt is a French company specialised in civilian drones for professional use, addressing a wide range of end-market thanks to the combination of its proprietary drone, software and Artificial…
Initiation: Ready to unleash its full potential
Delta Drone is a French company specialised in civilian drones for professional use. It provides a range of professional solutions specifically designed for targeted sectors, as well as related services….
Update 2020
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H1 benefited from asset disposal gains
While the pandemic has delayed the initiation of operations at various assets, Blackstone did well in H1 20 to monetise its under-development Norwegian rare earth metal asset. By virtue of…
H1 behind with limited scars; H2 partial reversion to normal
Tight, reactive management and a strong balance sheet policy saved the day in locked-down times. Management is cautious but the small industrial conglomerate holds the cards for a return to…
Update on the group’s business
Crossject released H1 20 results. Revenues reached €2,086k (vs €1,844k), operating result €-5,632k (vs €-5,873k), and net result €-5,258k (vs €-4,953k). Net cash at the end of H1 20 was…