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ROTH2

CR 		Bloomberg   MLROT FP
Engineering-Heavy Constr.  /  France  Web Site
A new player in the hydrogen markets
Target
Upside 125%
Price (€) 0.89
Target Price (€) 2.00
Market Cap (€M) 12.0
Debt

The investments to be made to renovate and develop ROTH2’s facilities, in particular towards the hydrogen markets, were financed by a €5m capital increase. Our valuation work includes this transaction and indicates the value of 100% of the company’s equity after its completion.
Funding - Liquidity
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  03/25A 03/26E 03/27E 03/28E
EBITDA €th -1,188 901 2,890 6,548
Funds from operations (FFO) €th -1,288 73.7 3,190 4,611
Ordinary shareholders' equity €th -2,941 5,853 7,843 11,254
Gross debt €th 11,734 5,000 15,000 20,000
   o/w Less than 1 year - Gross debt €th 2,000 0.00 0.00
   o/w 1 to 5 year - Gross debt €th 3,734 5,000 15,000 20,000
   o/w Beyond 5 years - Gross debt €th 6,000
 + Gross Cash €th 2,494 3,554 14,658 21,671
 = Net debt / (cash) €th 9,240 1,446 342 -1,671
Other financing €th 11,734 5,000 15,000 20,000
Gearing (at book value) % 91.3 11.4 -5.91
Equity/Total asset (%) % -44.4 76.7 92.1 114
Adj. Net debt/EBITDA(R) x -8.06 1.97 0.23 -0.20
Adjusted Gross Debt/EBITDA(R) x -10.2 5.91 5.30 3.10
Adj. gross debt/(Adj. gross debt+Equity) % 132 47.7 66.2 64.4
Ebit cover x -3.16 -29,851 ns ns
FFO/Gross Debt % -10.7 1.38 20.8 22.7
FFO/Net debt % -13.9 5.10 934 -276
FCF/Adj. gross debt (%) % -44.9 -34.3 7.20 9.90
(Gross cash+ "cash" FCF+undrawn)/ST debt x -1.46
"Cash" FCF/ST debt x -2.42
Credit Risk
Covenants
Changes to Story : 28/07/2026, Changes to Forecasts : 28/07/2026.