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 on big-bang battery technology initiatives
Target Change18/01/2021

All focus shifts to the battery promise

Change in Target PriceCHF 12.5 vs 7.52+66.9%

Change in 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.



Change in 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).



Change in 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.



Target
Upside 339%
Price (CHF) 2.66
Market Cap (CHFM) 114
Perf. 1W: 11.8%
Perf. 1M: -6.34%
Perf. 3M: -25.3%
Perf Ytd: 23.1%
10 day relative perf. to stoxx600: 0.56%
20 day relative perf. to stoxx600: -9.00%
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