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
A Savoir
Control structure

While Ulrich Ernst (CEO) is clearly in control of Blackstone Resources, the 2018 listing of existing shares (i.e. no placing) has: 1/ led to a change in the float; and 2/ shed light on two structural shareholders, Adriatica (a BVI-based entity) and Marcor, respectively. As far as the float is concerned, smaller shareholders took the listing opportunity to sell and thereby Blackstone’s share price collapsed from CHF13.5 to less than CHF1. Although, the post-IPO shareholding has widened and includes UBS Fund, Credit Suisse Fund, Basler Kantonalbank, Erste Bank Group, Bank J Saffra Sarasin, Blackrock Asset Management, Deutsche Bank and Ethos Foundation as part of their fund management operations. As for the two structural shareholders, both happen to be closely-held private companies. Public information with respect to their key businesses/assets and ownership structure is nil. Thus, it is impossible to decipher the exact economic implications of the dealings between the key shareholders.

The transition needs to be organised

Since the IPO, Blackstone has beefed up its management team to prepare gradually for the transition, i.e. the inevitable split between ownership and management. While it remains to be seen if there is a major effect on operations, it certainly looks like a risky transition for two reasons: 1/ Ulrich Ernst has so far played a host of roles and, hence, the change of guard is bound to unleash near-term uncertainties; and 2/ the group is still far away from achieving potential across businesses, including the ambitious recent foray into the battery business.

Battery (R&D + funding) milestones – triggering a re-rating

According to management, the following battery division breakthroughs were achieved in July 2020: 1/ the world’s first battery cells with thick printed electrodes were successfully manufactured and tested; these printed batteries were claimed to have higher energy density (>20%) vs. traditional lithium-ion batteries; 2/ manufacturing was undertaken using environmently-friendly electrodes vs. chemical electrodes – which have the risk of high inflammation – used in lithium-ion batteries; and 3/ hence, large-scale assembly line plans were implemented to produce the above-discussed batteries / cells at high speed. Apart from these achievements, the group also began testing the printing of solid-state battery cells. Then, in mid-September 2020, the group announced the achievement of some key milestones for its proprietary 3D-printing technology to print lithium ion solid-state batteries. Management claimed that this printing process entails significantly lower costs and introduces high production flexibility, besides increasing energy density. Unsurprisingly, these events were followed by various funding commitments. In October 2020, GEM Global made an equity commitment of CHF30m for implementing commercial steps for the battery technology and related metals. In December 2020, the Swiss Innovation Agency, i.e. Innosuisse, approved Blackstone’s grant application to provide 50% funding for a CHF1.3m project. Then, in January 2021, the battery project secured EU grants, which was followed by a CHF20m convertible loan facility valid for three years.

Actionnaires Click onto see a given shareholder other stakes
Nom% détenu Dont
droits de votes
Dont
flottant
Ulrich Ernst 63,5 %63,5 %0,00 %
Marcor Holdings Ltd. 9,83 %9,83 %0,00 %
Jupiter Asset Management
Jupiter Asset Management  est actionnaire de
  • Total
     
    280 M€
5,90 %5,90 %5,90 %
Flottant  26,6 %
Changement de l'actionnariat : 17/05/2021.
Concepts
Concept d'activité
  • Valeur d'actifs
  • Influence/contrôle familial
  • Conditionné à une régulation
  • Structures juridiques complexes
  • Filiale "exotique" mais essentielle
Concept d'investissement
  • Entreprise en redressement
  • Entreprise de croissance
  • Entreprise en transformation