Strategic acquisition in wind services
Dolfines kicks off its five-year strategy plan with the potential acquisition of a wind services company (8.2 France). After a Memorandum of Understanding signed last year with 8.2 France, Dolfines…
Major Contracts to double sales
The DCF has been impacted by the announcement of another major contract with Aquiline Drones. The contract concerns the sale of 500 Hercules 20 drones and 200 Hercules 10 drones,…
Better-than-expected results; battery R&D progress continues unabated
2020 financial results came in ahead of our expectations, despite the pandemic resulting in a delayed kick-start at various divisions. However, the bigger takeaway has been the group’s sustained progress…
FY21 will continue to be challenging, while we expect mid-term profitability growth
Our FY19 and FY20 EPS have been pushed down by the integration of the annual results. We have also slightly lowered our FY21 EPS for different reasons: the transition from…
Q1 21: growth momentum continues
Cementir Holding announced a good set of results, in line with our expectations. It recorded an increase in revenues in all segments due to a weak base and a favourable…
Protective Films and Healthcare Solutions lead to record Q1 results
Leveraging the strong demand from the construction sector, Chargeurs’ Protective Films recorded robust sales growth, which, in combination with the top-line contribution of the group’s novel division, Healthcare Solutions, allowed…
Restocking effect uplifts our FY21-22 view on CPF
The valuation increases across the different valuation metrics result in a 14.0% higher target price, pushing us further in our Buy recommendation. Chargeurs Protective Films’ strategic positioning and operational strengths…
Q1 21: strong growth in Q1 and major contract win will stimulate FY21
Even with the pandemic affecting the company, as 55% of the revenues comes outside France, the company showed solid growth in both built-in drones and third-party drones. The margin has…
FY20: expanding services into wind
FY20 comes with an adjusted net loss of €2.0m, against our estimates of €-2.2m, on additional savings. The activity seems to be rebounding in oil & gas, with the Q1…
Delta Drone acquires Weesure and becomes world leader in drone security services
Delta Drone has come to an agreement to acquire the security company Weesure to use drones the industry. This is in line with its strategy of proposing a drone as…
FY20 unsuprising; waiting for more
Crossject released an expected set of FY20 results The industrialisation process of Zeneo is on track The group’s financing for FY21 is secured We will fine-tune our model to account…
All on the 2024 guidance
Following FY2020 and the communication of a new guidance for both 2021 and 2024, we have (sharply) adjusted our EPS. 2020 was supposed to be an exceptionnal year for Swissquote…
Bullish (but reachable) targets
Swissquote released its FY2020 numbers. The key numbers were, however, already known (preliminary release on 14 January 2021). The key takeaways were related to the short and mid-term guidances. These…
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…