AlphaValue Corporate Services Fundamental Analysis EN
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AlphaValue Corporate Services
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Blackstone Resources

CR
Bloomberg   BLS SW
Batteries (et syst. de)  /  Suisse  Web Site   |   Investors Relation
Banking on big-bang battery technology initiatives
Objectif
Potentiel 1 472 %
Cours (CHF) 0,76
Capi (MCHF) 32,5
Dette

At the end of 2020, Blackstone’s total debt stood at CHF14m. The majority (c.64%) of the group’s borrowings was owed to a related party, i.e. Ulrich Ernst (CHF8.8m; CEO and largest shareholder of Blackstone). On the other hand, third-party borrowings were CHF5m, largely comprising convertible notes, right-of-use liabilities and a COVID-19 bridging loan. With well spread-out debt maturities, there’s no near-term debt repayment pressure, which is a fortunate positioning, given that the respective divisions remain in the investment phase and, hence, negative FCFs should sustain.

However, compared with 2019, the group’s total debt reduced significantly, with Adriatica’s obligations being retired completely. Hence, the group has adequate balance sheet flexibility to pursue its (battery) growth initiatives. Moreover, Blackstone has secured: 1/ CHF30m equity funding commitment from Luxembourg-based GEM Global Yield (an alternative investment group); 2/ CHF20m convertible loan facility valid upto three years; and 3/ €40m of debt funding secured in August 2021, thereby allaying any near-term financing concerns, especially for battery R&D.

Owner-financed debt structure has played an instrumental role in averting any credit crisis to date, given that most of the group’s assets are still in the development stage and (healthy) cash flows are missing. However, as Blackstone pursues its ambitions to make a major (capital-intensive) foray into battery manufacturing, access to (state-sponsored grants) and/or additional (external) borrowings should be a critical determinant of the group’s overall success.

While the 2022 credit risk (‘C’ rating) is a reflection of high (battery) investments resulting in negative FCFs and the delayed kick-start at mining/smelting operations, the group is well-positioned – given that apt financing has been secured to pursue medium-term growth ambitions. Moreover, with the end 2021 stake sale in the precious metal division – guided to result in CHF50m of proceeds in 2022, the firm has strengthened its internal cash positioning, thereby also lowering dependence on external borrowings.

Financement et liquidité
  12/20A 12/21E 12/22E 12/23E
EBITDA MCHF -3,06 -8,76 0,20 68,0
Cash flow des opérations MCHF -3,10 -7,37 -1,07 66,0
Fonds propres MCHF 39,0 70,2 101 130
Dette brute MCHF 13,9 22,7 27,4 19,6
   dont échéance moins d'un an MCHF 1,22 1,22 0,98 0,78
   dont échéance entre 1 et 5 ans MCHF 3,43 3,45 6,42 8,78
   dont échéance moins de 2 ans MCHF 2,28 0,38 0,38 0,38
   dont échéance moins de 3 ans MCHF 0,38 0,38 0,38 1,15
   dont échéance moins de 4 ans MCHF 0,38 0,38 1,15 2,25
   dont échéance moins de 5 ans MCHF 0,38 2,30 4,50 5,00
   dont échéance à plus de 5 ans MCHF 9,21 18,0 20,0 10,0
 + Trésorerie brute MCHF 0,59 2,21 42,6 33,1
 = Dette nette / (trésorerie) MCHF 13,3 20,5 -15,2 -13,6
Emprunts bancaires MCHF 0,00 0,00 0,00 0,00
Obligations émises MCHF 0,52 0,52 0,52 0,52
Leasing MCHF 0,00 0,00 0,00 0,00
Autres financements MCHF 13,3 22,2 26,9 19,0
Ratio d'endettement % 53,9 24,0 2,60 -11,1
Fonds propres/Actif total (%) % 38,1 36,9 54,2 59,1
Dette nette ajustée/EBITDA(R) x -4,34 -2,34 -75,1 -0,20
Dette brute ajustée/EBITDA(R) x -4,58 -2,54 132 0,28
Dette brute ajustée/(Dette brute ajustée+Fonds ... % 26,4 24,1 20,9 12,6
Ebit cover x -6,89 -35,4 -41,8 -75,2
CF des opérations/dette brute % -22,2 -33,1 -4,01 352
CF des opérations/dette nette % -23,4 -36,0 7,06 -486
FCF/Dette brute ajustée % -28,1 -241 -241 -63,8
(Tréso. brute + FCF + Découverts)/Dette CT x -2,73 -42,0 -22,5 27,0
FCF/Dette CT x -2,72 -43,8 -65,9 -15,2
Credit Risk
Covenants
Changements d’analyse : 25/01/2022, Changements de prévisions : 25/01/2022.