AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Blackstone Resources

CR
Bloomberg   BLS SW
Batteries-Battery Sys  /  Switzerland  Web Site   |   Investors Relation
Banking big on battery technology breakthrough(s)
EPS change22/10/2020

Beneficiary of battery R&D progress + new funding commitment

Change in EPS2020 : CHF 0.38 vs 0.56-31.3%
2021 : CHF 0.50 vs 0.50-0.45%

Given the delayed start (due to COVID-19) at the respective mining and smelting assets, our 2020 earnings estimates are reset lower. However, as the overall business plans remain unchanged, our estimates from 2021 onwards remain unchanged.



Change in Target PriceCHF 5.33 vs 5.16+3.32%

Besides the battery R&D progress, the group’s near-term financing requirements have an ample cushion via Luxembourg-based GEM Global Yield’s CHF30m funding commitment. Hence, our material upside has been maintained.



Change in NAVCHF 12.4 vs 11.8+5.44%

Taking on board the recent R&D breakthroughs, the value of the Battery division resets >10% higher. As a result, Battery now accounts for c.56% of Blackstone gross assets.



Target
Upside 184%
Price (CHF) 4.48
Market Cap (CHFM) 191
Perf. 1W: 53.4%
Perf. 1M: 96.5%
Perf. 3M: 86.7%
Perf Ytd: 107%
10 day relative perf. to stoxx600: 89.7%
20 day relative perf. to stoxx600: 93.5%
Updates

18 Jan 21 Strategic Plan
All focus shifts to the battery promise

18 Jan 21 Target Change
All focus shifts to the battery promise

05 Oct 20 Earnings/sales releases
H1 benefited from asset disposal gains

25 Aug 20 Opinion change
Important battery R&D progress

04 May 20 Earnings/sales releases
Better-than-expected results

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