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
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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 368%
Price (CHF) 2.54
Target Price (CHF) 11.9
Market Cap (CHFM) 108
Perf. 1W: -7.30%
Perf. 1M: -11.2%
Perf. 3M: -29.4%
Perf Ytd: 17.6%
10 day relative perf. to stoxx600: -10.1%
20 day relative perf. to stoxx600: -5.56%
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