AlphaValue Corporate Services Fundamental Analysis EN
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AlphaValue Corporate Services
Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

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
Perf. 1S: -13,6 %
Perf. 1M: -38,7 %
Perf. 3M: -62,0 %
Perf Ytd: -73,4 %
Perf. relative/stoxx600 10j: -15,1 %
Perf. relative/stoxx600 20j: -33,0 %
Target Change18/01/2021

All focus shifts to the battery promise

Changement d’Objectif de coursCHF 12,5 vs 7,52+66,9 %

Changement d’EPS2020 : CHF 0,38 vs 0,38
2021 : CHF 0,27 vs 0,50-46,3 %

Near-term performance estimates (particularly for 2021) reset materially lower – due to the delayed kick-start at the non-battery divisions.



Changement de NAVCHF 24,6 vs 12,4+97,4 %

Battery’s valuation has been re-assessed (using GAV methodology) in our NAV, with the division’s EV now resetting at CHF1.1bn. This takes on board Blackstone’s R&D progress plus KPMG’s divisional assessment (of February 2020).



Changement de DCFCHF 4,12 vs 3,66+12,4 %

Considering the battery R&D progress, the out-year EBITDA growth estimate has been increased to 6% (vs. 5.5% earlier). However, given the near-term spending binge, which is expected to result in negative FCFs, the DCF upside is limited.



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