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…
A €2.6m non-dilutive issue
Crossject has announced it has obtained a €2.6m non-dilutive financing from IdVector Science and Technology, a European investor specialising in long-term non-dilutive financing of technology. The financing takes the form…
Another robust quarterly showing
Q3 revenues are showing robustness even though some of Protective Films’ end markets (Chargeurs’ main business) remain in the slow lane. Q3 sales up 1.7% lfl confirm management’s earlier observation…
Priority to organic growth
Overall, 9m results were in line with our expectations. Cementir has decided to invest in itself rather than going for a transformative acquisition. Following this earnings release, we expect to…
The challenge remains intact
Cash payments are dropping, pushing down the terminals and authorisations divisions, while the software activity is trying to offset these, mostly helped by EasyOrder and Magellan. Top and bottom lines…
Cooperation agreement with the US Department of Defense
Crossject announced yesterday it had signed a Cooperative Research and Development Agreement (CRADA) with the US Department of Defense. This cooperation agreement consists, in our understanding, in developing Zeneo Midazolam…
H1: volatile crude prices impact results
While the renewables division pursues its development, the volatility in the oil markets has affected the oil & gas activities. H1 sales increased by 3% year on year, with management…
Initiation of coverage
Swissquote Group Holding is Switzerland’s leading online bank and one of the most renowned banks there. It has also managed to develop at the international level through either partnerships or…
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,…
Remarkable operational performance as group EBITDA turns positive
A slew of good news accompanies this release. The operational improvements at the Sines plant, and a surge in volumes vs. an exceptionally low base in H1 18, resulted in…
Organic growth recovery and a brighter outlook
A return to organic growth in the second quarter and the opening of a sophisticated production line in its Protective Films business has set the stage for a recovery in…
Software continues to drive up the top-line
H1 resulted in another relapse in profitability, mainly related to the current transition phase. We actually believe that it is a matter of time before investments bear fruit at the…
Europlasma’s restart
On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for…
Value in white
The core of Cementir business model is to combine the higher growth and margin potential of white cement, a niche market of some 20mt of production, with grey cement, aggregates,…
Technical Substrates sprouting through acquired growth
Staying loyal to its investment strategy of targeting niche markets, Chargeurs props up its Technical Substrates business through three minor, but strategic, acquisitions focused on museum services. This brings the…
The soft pushed up revenue, while the transition continues to impact profitability
Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues to weigh negatively…
A commercial success
Crossject announced the signature of a commercial agreement on Midazolam with German Desitin. The agreement mainly includes the licensing, distribution and promotion, for up to 10 years after the commercial…
Positive outlook, moving forward in new energies
One of the key takeaways of the strategy update is in New Energies, where Dietswell reported being contacted by several companies interested in bidding on the upcoming commercial tenders. By…
Marseille plant now coming on stream in 2020
We have adjusted our EPS estimates based on the expected entry into operation of the Marseille plant in early 2020 versus our assumption of late 2019. Lower expected revenues due…
2018 : plus-values et frustrations hollandaises
Bourrelier Group aura finalisé en 2018 la cession de ses activités historiques. €235m sont potentiellement à redéployer. L’activité de distribution au Bénélux ne consomme pas de trésorerie mais de la…
A new reference shareholder?
Europlasma on 04/06 indicated that a would-be financial partner had submitted a “continuation” plan to the French courts with a court decision about this offer expected by the end of…
Successful acquired growth offsets organic slowdown
Q1 19 revenues dominated by high comps and successful acquisitions Consolidated revenue topped €161.2m in Q1 19, +11.3% in gross terms and -4.6% lfl. Renegotiation of the Euro PP notes…
Audit & inspection division as strong growth driver
The audit & inspection division (i.e. Factorig) is driving the performance of the group with offshore drilling restarting. Note that the activity picked up in Q4 18 (revenue was up…