ROTH2 | MLROT FP | Engineering-Heavy Constr. | France | In a nutshell | AlphaValue Corporate Services

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This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

ROTH2 ^CR	Bloomberg MLROT FP
Engineering-Heavy Constr. / France	Web Site

A new player in the hydrogen markets

Pros

The development prospects for hydrogen markets is very positive, particularly in industrial applications other than mobility.
The only company in France with expertise in the storage and transport of all types of ultra-high-pressure gases, serving a global clientele.
The company’s long-standing history and 1000 bar certification reinforce significant historical barriers to entry, coupled with very high gross margins.

Cons

The company is still relatively small.
The hydrogen-powered transport markets may take longer than expected to develop.

Updates

28/07/26

Initiation cov.

A new player in the hydrogen transport a...

Key Data

			03/24A	03/25A	03/26E	03/27E	03/28E
Adjusted P/E (x)			-1.55	-2.13	-10.3	5.47	3.32
Dividend yield (%)			0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)			-8.98	-11.3	14.8	3.73	1.34
Adjusted EPS (€)			-0.64	-0.47	-0.10	0.16	0.27
Growth in EPS (%)			n/a	n/a	n/a	n/a	64.9
Dividend (€)			0.00	0.00	0.00	0.00	0.00
Sales (€th)			8,800	5,600	6,300	11,900	21,700
EBITDA/R margin (%)			-13.6	-21.2	14.3	24.3	30.2
Attributable net profit (€th)			-4,032	-2,806	-1,126	1,990	3,411
ROE (after tax) (%)			-1,144	181	-77.4	29.1	35.7
Gearing (%)					91.3	11.4	-5.91
Last Div. Indic € 0.00 payment 15/07/2022

Target

Upside 125%

Price (€) 0.89

Target Price (€) 2.00

Market Cap (€M) 12.0

Perf. 1W:	-7.29%
Perf. 1M:	-27.0%
Perf. 3M:	n/a
Perf Ytd:	n/a

10 day relative perf. to stoxx600:	-7.62%
20 day relative perf. to stoxx600:	-8.11%

Key Indicators

Momentum	Sustainability
	1/10