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AlternextReview
IntroducƟon|CompanyproĮles
February2014
PublishedbyEdisonInvestmentResearchinpartnershipwith
EnterNext
Contents
Prices as at 1 January 2014
Published 6 February 2014
Strategy
1
Company profiles
6
1000mercis
A2micile
Acces Industrie
Acropolis Telecom
ADA
Adthink Media
AgroGeneration
Ales Groupe
Antevenio
Aquila
Assima
Astellia
Auplata
BD Multimedia
Bernard Loiseau
Biosynex
Bricorama
BSB
Budget Telecom
CARMAT
Cellectis
Cerep
Clasquin
CO.BR.HA
Cofidur
Cogra
Concoursmania
CRM Company Group
Custom Solutions
D.L.S.I.
Damartex
Deinove
Delfingen
Delta Drone
Demos
Diaxonhit
Dietswell
Direct Energie
DL Software
Easyvista
Emakina Group
Entreparticuliers.com
Environnement SA
Esker
Eurasia Groupe
Eurogerm
Europlasma
Evolis
Fashion B Air
Fountaine Pajot
Gaussin
Geci Aviation
Genfit
GenOway
Gévelot
Global Bioenergies
Global Ecopower
Global Investment Services
Gold by Gold
Groupe Guillin
Groupe Proméo
Groupe Sporever
Groupe O2i
H2O Innovation
Harvest
Heracles
Heurtey Petrochem
Hiolle Industries
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Hitechpros
Homair Vacances
Hybrigenics
i2S
IDSUD
IntegraGen
Intrasense
ISA
IsCool Entertainment
Ivalis
Keyyo
LeGuide.com
Les Hotels Baverez
Lets Gowex
Login People
Makazi
MakHeiA
Mastrad
Maximiles
Median Technologies
MEDICREA International
MGI Digital Graphic Technology
Microwave Vision
Millet Innovation
Mobile Network Group
Monceau Fleurs
Moulinvest
Neotion
Neovacs
NetBooster
NEXEYA
Nextedia
Notrefamille.com
Novacyt
NSE Industries
Ober
OCTO Technology
Orolia
Pairi Daiza
Phenix Systems
Piscines Desjoyaux
Piscines Groupe
Poujoulat
Prodware
ProwebCE
Qiagen Marseille
Relaxnews
Richel Serres
Rougier S.A.
Royalreesink
Sapmer
Serma Technologies
Sical
Sidetrade
Siparex Croissance
Softimat
Solutions 30
Solving Efeso
Sopheon
SpineGuard
Spineway
Stadium – Espace Finances
StreamWIDE
STS Group
Theradiag
Toolux Sanding
Traqueur
Trilogiq
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Travel Technology Interactive
Turenne
Tuto4pc.com
TXCOM
UCAR
VDI Group
Velcan Energy
Vergnet
Vexim
Visiomed Group
Vision IT Group
Voyageurs du Monde
Weborama
Wedia
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Neil Shah
Director of research
Welcome to the February 2014 edition of the Alternext Review.
Edison's analysts have been in contact with the 150 Alternext listed companies profiled in this review,
aiming to provide investors with a snapshot of each company’s activities, strategy, recent newsflow and
upcoming catalysts. Our analysts have relied on consensus earnings estimates, but have reflected
feedback from companies on historic and forecast numbers. Diaxonhit, Esker, Global Bioenergies,
Deinove, Hybrigenics, Prodware and Neovacs are clients of Edison Investment Research, and their
forecasts are those of the analyst.
Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of
over 100 analysts and investment professionals work with leading companies, fund managers and
investment banks worldwide to support their capital markets activity. We provide services to more than
400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and
Wellington.
We welcome any comments/suggestions our readers may have. Should you have any questions or
queries, please contact us on +44 (0)20 3077 5700 or via [email protected]
Neil Shah
Director of research
Eric Forest
CEO, EnterNext
I am pleased to announce this new edition of the Edison/Alternext Review, which once again puts the
spotlight on over 150 companies quoted on the expanding Alternext market.
Initiated a number of years ago, our support for this publication is proof of our commitment to SMEs
and mid-tier companies and our desire to make them increasingly visible to investors.
Small- and mid-cap companies generally suffer from a lack of recognition. However, the CAC 40 index
has risen 12% in the past 10 years and the CAC Mid & Small has gone up by 123%, and I am pleased
to see attitudes are changing and investors are becoming increasingly aware of the potential of SMEs.
2013 signalled a change in a number of areas. It saw a reopening of the financial markets and the
creation of EnterNext, the new dedicated market place for SMEs and mid-tier companies quoted on
Euronext and Alternext. Our role is to breathe new life into the SME market and promote our issuers to
investors.
The entire economic model depends on strengthening the relationship with investors. Development in
terms of financial analysis has proved to be essential and is now part of the EnterNext strategy. We
are lucky to have numerous SMEs and mid-tier companies in Europe pursuing ambitious development
plans and already taking the international view. Financing their growth via financial markets will not be
possible without your support.
For information on our SMEs please visit https://europeanequities.nyx.com/en
Eric Forest
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% change
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2011
35.0
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11.9
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20.3%
2.3
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0.3
26.7
34.1
1.9
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36.4
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12.6
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7.7
21.2%
2.5
8.4%
0.3
33.6
40.8
2.6
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40.3
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11.5
7.8
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2.7
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0.3
40.4
n/a
n/a
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43.4
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48.6
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46.8
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58.1
n/a
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29.1
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0.3
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0.3
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37.7
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58.0
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30.0
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59.9
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600
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750
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2011
58.5
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21.8
9.2
4.0
6.2%
0.7
69.1%
0.0
(76.3)
45.5
16.6
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60.4
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3.6
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(0.1)
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0.0
(75.1)
32.2
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n/a
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n/a
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n/a
n/a
n/a
n/a
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n/a
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n/m
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n/a
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Acces Industrie is a specialist renter of people-lifting
booms and platforms, load-handling equipment, and
telescopic, industrial and all-terrain trucks. It also
sells secondhand equipment. Its products are mainly
intended for use by building, construction and
renovation sectors. It has operations in France and
Morocco.
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Financière Accès Industrie
80.9%
Accès investissement
4.1%
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3.0%
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1.2%
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10.8%
Source: Alternext
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Valuation
P/E
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EV/EBITDA
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2011
6.2
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(1.0)
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0.0
0.3
1.9
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6.9
10.5%
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(0.8)
(0.7)
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(1.3)
n/m
0.0
0.6
1.2
(0.5)
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
4.1
n/m
n/m
n/m
n/m
n/m
6.4
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
France
96%
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Acropolis telecom specialises in IP telephone
services and voice, video, and data convergence.
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35.4%
French Institutional Investors
26.7%
Founders
26.6%
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9.8%
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1.6%
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Dan Ridsdale
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600
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100%
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EBITDA (€m)
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P/E
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EV/EBITDA
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2011
43.0
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5.2
2.2
2.1
4.8%
0.7
15.3%
0.0
(4.6)
19.8
6.7
9.2
n/m
4.5
10.7
10.6
1.0
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37.5
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4.9
2.4
1.9
5.2%
0.7
-5.6%
0.0
(8.0)
21.9
10.1
9.7
n/m
5.5
11.2
9.3
0.9
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
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n/m
n/a
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ADA provides short-term leasing of private and utility
vehicles as well as “holiday bikes” at locations in
France away from stations and airports.
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92.6%
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Neil Shah
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Oct
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600
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650
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700
1
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Jul
750
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800
3
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850
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% change
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Valuation
P/E
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EV/EBITDA
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P/B
2011
29.8
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4.4
3.4
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0.3
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0.0
3.7
10.7
4.5
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29.5
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4.8
3.5
1.7
5.7%
0.3
4.3%
0.0
3.9
12.0
5.9
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
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n/a
n/a
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n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14.8
n/m
4.5
5.8
15.5
2.2
14.2
n/m
4.0
5.6
14.8
1.9
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
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France
100%
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Adthink Media is an internet-based media company
with two activities: audience monetisation (28% H113
revenues) and B2C publishing (72% H113 revenues).
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France.
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ALV Participations
20.7%
Leromys capital
13.1%
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7.9%
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2.7%
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48.5%
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700
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Oct
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Sep
Aug
Jun
Jul
Apr
May
Jan
650
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0
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2
600
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25%
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23.2
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4.9
1.5
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0.1
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0.0
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47.4
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0.0
(12.7)
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
17.7
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10.2
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n/m
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n/m
n/m
n/m
n/m
n/a
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n/m
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n/m
n/m
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62.0%
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18.3%
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6.7%
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4.4%
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6
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Jan
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Oct
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Aug
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Jul
Apr
May
Feb
Mar
0
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2
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600
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% change
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Valuation
P/E
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EV/EBITDA
EV/EBIT
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P/B
2011
190.9
10.4%
15.2
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0.3
0.2%
0.0
n/a
0.3
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87.1
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206.0
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(0.5)
n/a
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(31.0)
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6.9
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0.5
n/a
0.2
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n/a
n/a
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229.0
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28.9
17.9
11.7
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0.8
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243.0
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n/a
n/a
692.5
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0.7
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n/m
2.5
28.6
1.1
9.8
22.3
8.6
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16.9
1.8
7.9
12.7
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12.5
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Victoria Buxton
Ales Groupe designs, formulates, manufactures and
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worldwide, under the LIERAC, PHYTO, SUBTLE and
CARON brands. 42% sales are in France, and 58%
export.
Jane Anscombe
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Nov
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600
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650
0
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700
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750
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800
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850
4
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64%
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
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EPS (€ per share)
% change
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Valuation
P/E
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EV/EBITDA
EV/EBIT
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P/B
2011
24.2
19.8%
1.6
0.0
1.3
5.3%
0.3
39.8%
0.0
5.4
16.5
0.7
2012
25.5
5.2%
2.1
0.5
0.3
1.1%
0.1
-77.0%
0.0
4.3
16.6
1.5
2013e
22.2
-12.8%
2.0
n/a
(0.0)
-0.2%
(0.0)
-114.1%
n/a
4.9
n/a
n/a
2014e
24.4
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2.9
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0.7
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0.2
n/a
n/a
5.9
n/a
n/a
2015e
26.8
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3.6
1.8
1.3
4.7%
0.3
87.5%
n/a
7.5
n/a
n/a
11.2
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5.7
385.7
7.8
0.9
48.6
n/m
4.7
20.2
1.7
0.9
n/m
n/m
5.1
n/m
(0.3)
n/a
21.6
n/m
3.5
10.4
3.9
n/a
11.5
n/m
2.8
5.5
6.8
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Antevenio offers a wide range of services in
advertising, direct marketing and performance
marketing on the web and on mobile devices.
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20.2%
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19.6%
Joshua David Novick
11.9%
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10.3%
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Aquila is a top three French alarm assistance and
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12.1
2.2%
0.8
0.8
0.6
5.0%
0.4
30.3%
0.5
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14.0
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0.4
3.0%
0.3
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2.3
3.3
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9.7
12.6
4.5
4.8
16.6
1.6
14.1
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8.0
8.5
11.9
1.8
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
37.9%
Paule Ceccotti
10.1%
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Revenue (€m)
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EBITDA (€m)
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P/E
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EV/EBITDA
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52.0%
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600
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650
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700
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750
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800
3
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850
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Shares in issue
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Assima is a developer and provider of productivity
training software, Electronic Performance and
Support Software (EPSS) and Learning Content
Management Systems (LCMS), which are used by
large enterprises to train their workforces, mainly on
the ERP applications of Oracle and SAP.
Revenue (£m)
% change
EBITDA (£m)
Op profit (£m)
Net income (£m)
Net margin
EPS (£ per share)
% change
DPS (£ per share)
Net (debt)/cash (£m)
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Net working capital (£m)
Valuation
P/E
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EV/EBITDA
EV/EBIT
ROE
P/B
2011
23.3
-0.9%
3.5
2.0
1.8
7.8%
0.2
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1.0
3.5
13.7
2.2
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27.6
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3.4
2.5
2.3
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0.3
28.9%
1.0
3.7
15.2
1.3
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
20.7
22.2
9.4
17.0
13.3
2.7
16.1
22.2
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13.4
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n/m
n/m
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n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
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n/a
n/a
6KDUHKROGHUV
Klimt Invest
47.3%
Eric Duneau
20.9%
Innovacom Gestion
20.6%
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3.4%
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3.0%
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17%
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650
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600
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Astellia offers service assurance solutions that
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34.6
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0.0
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1.2
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
83.5
n/m
n/m
1.2
10.2
n/m
6.6
21.3
11.1
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n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
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16.2%
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11.7%
Julien Lecoeuvre
8.7%
Frédéric Vergine
8.7%
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8.3%
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5.2%
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Dan Ridsdale
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650
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900
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0.6
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,QYHVWPHQWVQDSVKRW+LJKULVN
600
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Auplata is a French Guiana based company focused
on the development and exploration of gold. It
operates the Dieu Merci and Dorlin and Yaou
(currently on care and maintenance) gold mines in
French Guiana.
Revenue (€m)
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EBITDA (€m)
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% change
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P/E
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EV/EBITDA
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P/B
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13.2
82.4%
1.3
(1.3)
(5.6)
-42.4%
(0.3)
n/a
0.0
(3.0)
36.3
(17.0)
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20.9
57.5%
2.5
1.0
(12.8)
-61.3%
(0.6)
n/a
0.0
2.5
28.3
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
n/a
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n/a
n/a
n/a
n/m
n/m
17.1
n/m
n/m
0.5
n/m
n/m
6.9
16.7
n/m
0.7
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
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6KDUHKROGHUV
70.0%
OSEAD+NG2
13.6%
Pelican Venture
8.4%
Alyse Venture
3.0%
Auluxe
2.8%
Hydrosol
2.2%
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Nov
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600
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650
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25.7
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0.6
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2.9
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8.3
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5.7
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33.5
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2.6
2.3
4.0
1.8
195.0%
0.0
3.1
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n/a
n/a
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n/a
n/a
n/a
n/a
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n/a
n/a
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n/a
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n/a
n/a
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n/a
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n/a
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2.8
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n/m
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n/a
n/a
n/m
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n/m
n/a
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Daniel Dorra
35.1%
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26.2%
Victor Pereira de Oliveira
8.7%
Daniel Bonnier
7.6%
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4.2%
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600
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650
0
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1
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n/a
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n/a
n/a
n/a
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n/a
n/a
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n/a
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n/a
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n/a
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products in Continental Europe, with stores in France
(two-thirds of revenues), Belgium, Holland and Spain.
Its primary product sub-groups are DIY, decorative,
garden and building materials.
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Toby Thorrington
Roger Johnston
6RXUFH%ORRPEHUJ
Jan
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Aug
Jun
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600
Apr
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650
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EBITDA (€m)
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EPS (€ per share)
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700
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Net income (€m)
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P/E
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EV/EBITDA
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P/B
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35.0
13.2%
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n/a
n/a
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n/m
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n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
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6KDUHKROGHUV
Vermeg Group
24.5%
JM Consulting SA
17.5%
Michel Isaac - Ingénieur Conseil sprl
16.2%
Van Steenwinkel - Conseil sprl
16.0%
Siparex Proximité Innovation
6.9%
Amundi Private Equity Funds
5.2%
Miguel Danckers - Ingénieur Conseil sprl
5.6%
Source: Alternext
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P/E
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87%
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24.3
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1.3
0.7
0.6
2.4
0.2
n/m
0.3
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17.7
(0.8)
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21.1
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2.6
2.1
1.6
7.5
0.4
173.6%
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11.8
18.2
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2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
25.4
7.5
2.5
4.4
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8.8
0.8
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
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Budget Telecom is a discount telecommunications
operator focussed on niche markets. It is now
expanding into energy monitoring and optimisation
solutions for households.
6KDUHKROGHUV
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22.7%
Pascale Greppo
10.9%
Pierre Cuilleret
0.6%
Source: Alternext
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800
100
750
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60
700
40
650
Jan
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Dec
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Oct
Aug
Jun
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0
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20
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31%
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Carmat is developing an artificial heart to satisfy the
lack of donor hearts available for heart failure
patients. Development combines the expertise of a
wide range of technical and medical experts. Carmat
initiated its first clinical study in man in 2013.
Revenue (€m)
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2011
6.1
22.0%
(14.6)
(16.1)
(13.4)
n/m
(3.3)
n/a
n/a
19.1
26.9
(1.6)
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0.0
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(20.9)
(22.4)
(17.2)
n/m
(4.1)
n/a
n/a
10.7
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
18.4
n/m
n/m
n/m
n/m
n/m
50.0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6KDUHKROGHUV
Airbus Group
30.4%
Truffle Capital
26.0%
Alain Carpentier
13.2%
Fondation Alain Carpentier
2.8%
Company-owned shares
0.1%
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27.6%
Source: Alternext
$QDO\VWV
Emma Ulker
Robin Davison
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650
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Cellectis is a French life sciences firm. It has over 14
years’ experience in cell-line engineering and
genome editing and is active in human health,
agricultural biotechnology, bio energies, genome
customization, and gene editing tools and services.
6KDUHKROGHUV
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EBITDA (€m)
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EPS (€ per share)
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Valuation
P/E
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EV/EBITDA
EV/EBIT
ROE
P/B
2011
16.0
95.8
n/a
(19.5)
(23.8)
-149.1
(1.2)
-15.9
(10.9)
28.6
(7.5)
2012
21.0
31.5
n/a
(19.8)
(22.3)
-105.9
(1.1)
-6.4
17.5
61.8
(3.3)
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
1.6
n/m
n/m
n/m
n/m
n/m
0.8
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Fonds Stratégique d'Investissement
15.1%
Family Offices
20.4%
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9.4%
Financial investors
4.6%
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50.4%
Source: Cellectis
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750
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600
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650
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France
22.0%
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22.8
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2.4
0.8
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0.1
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0.0
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13.6
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
33.0
n/m
6.6
20.0
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1.7
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6.6
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n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
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n/a
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8.0%
Europe
28.0%
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which offers in vitro profiling of drug candidates to
allow earlier and better identification of the most
promising compounds.
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86.4%
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Source: Alternext
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650
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37%
2011
171.4
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7.8
5.8
3.1
1.8%
1.3
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0.8
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22.3
4.4
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184.6
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6.5
4.3
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0.9
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0.8
0.2
22.3
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192.0
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6.5
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1.1
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0.8
1.5
n/a
n/a
2014e
199.0
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7.6
5.6
3.4
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1.5
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0.7
3.0
n/a
n/a
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205.0
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6.4
3.9
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1.7
15.1%
0.8
4.9
n/a
n/a
17.9
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2.5
26.2
3.2
8.4
12.8
9.4
2.5
22.0
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8.4
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11.0
2.5
16.3
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13.9
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Clasquin provides air and maritime transportation
engineering and overseas logistic services between
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6KDUHKROGHUV
Olymp
42.6%
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langfristige Investoren*
12.5%
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7.4%
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6.6%
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5.0%
Yves Revol
4.6%
Others
21.3%
Source: Alternext. Note: *Denotes Minimum.
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600
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1500
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1550
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SC.COMIT.DE BRASSERIE
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92.0
0.0%
18.3
9.4
6.4
6.9%
85.1
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16.0
(7.4)
87.6
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94.8
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50.2
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16.0
(5.9)
90.0
2.1
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
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CoBrHa is Belgium's third-largest brewery, through
its subsidiary Haacht Brewery. It is also involved in
the production and sale of wine and non-alcoholic
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Sep
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600
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650
0
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Mar
0.2
COFIDUR
Alternext ALLSHARE
1.4
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1m
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6.7
64.9
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96.4
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0.3
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n/a
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Cofidur offers a wide range of specialist electronic
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well as low-cost operations in China and Tunisia,
collectively employing almost 1,000 people. The
majority of its sales are to customers in France.
6KDUHKROGHUV
3.6%
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600
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19.6
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Cogra 48 specialises in the production and sale of
wood pellets (77% of revenue). The group also
imports, distributes and installs wood pellet stoves
and furnaces. Cogra 48 had two pellet production
sites located in France.
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Groupe ConcoursMania (GCM) operates around 30
B2C free-play casual and social gaming websites,
and, through Actiplay, provides B2B online marketing
services based on games as marketing tools. It listed
in May 2011.
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650
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10.6
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28.2
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18.6
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10.2
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46.1%
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Source: Alternext
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700
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Oct
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Jul
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0
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Mar
0.1
CRM COMPANY
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CRM Company assists brands in their digital
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0.7
2011
16.4
-2.4%
1.2
0.3
(1.9)
-11.8%
(0.5)
113.0%
0.0
(12.5)
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2012
16.8
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0.2
(1.8)
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(0.1)
n/m
0.0
(5.9)
4.8
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
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n/a
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n/a
n/a
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n/a
n/a
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18.9
72.3
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Bertrand Frey
20.1%
Pascal Josselin
19.9%
Other shareholders
14.7%
International Marketing Investment
Group
3.2%
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42.1%
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Jane Anscombe
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600
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650
5
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5.2
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900
6.2
Feb
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7KHEXVLQHVVSODQIRUVHWVRXWDQDPELWLRXVSURJUDPPHWRJURZDQG
6.4
CUSTOM SOLUTIONS
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26%
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4.9m
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Year end 30 September
Revenue (€m)
% change
EBITDA (€m)
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Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
2011
20.6
n/m
3.0
2.7
1.8
8.8%
0.4
n/m
0.0
(0.6)
16.1
18.0
2012
22.2
7.5%
3.8
3.3
2.6
11.5%
0.5
40.6%
0.0
2.2
17.6
7.6
2013e
17.9
-19.4%
2.3
1.9
1.7
9.6%
0.4
-33.5%
0.2
12.0
n/a
n/a
2014e
17.6
-1.7%
1.7
1.4
1.3
7.5%
0.3
-22.9%
0.2
21.7
n/a
n/a
2015e
19.0
8.0%
2.2
1.8
1.6
8.5%
0.3
22.2%
0.2
23.6
n/a
n/a
15.7
n/m
9.8
10.9
11.3
1.8
11.1
n/m
6.9
7.9
15.2
1.6
16.7
2.6
7.3
8.7
9.3
n/a
21.7
2.6
15.1
18.8
7.0
n/a
17.8
2.6
11.9
14.3
8.1
n/a
6KDUHKROGHUV
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50.4%
Cédric Reny
34.9%
Historical Investors
14.1%
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0.6%
Source: Alternext
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Jane Anscombe
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3
700
2
650
Jan
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0
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Mar
1
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850
6
600
DLSI
%XVLQHVVPRGHO
'/6,RSHUDWHVDQHWZRUNHGJURXSRIRIILFHVLQWKHWHPSRUDU\UHFUXLWPHQW
PDUNHW7KHJURXSLVSUHGRPLQDQWO\SUHVHQWDFURVVWKHHDVWRI)UDQFHEXWDOVR
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1.5
65.9
198.0
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(0.9)
48.5
179.6
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5HFHQWQHZVIORZ
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5%
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205.2
18.8%
6.8
5.9
1.5
0.7%
0.6
1.8%
0.3
(19.5)
18.1
11.1
2012
183.9
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4.2
3.3
0.4
0.2%
0.2
-73.7%
0.2
(18.6)
18.0
7.9
2013e
196.0
6.6%
5.9
5.5
2.2
1.1%
0.9
473.3%
0.2
(20.3)
n/a
n/a
2014e
207.0
5.6%
6.7
6.2
2.6
1.2%
1.0
16.3%
0.3
(19.2)
n/a
n/a
2015e
216.0
4.3%
7.6
7.2
3.1
1.4%
1.2
20.0%
0.3
(17.0)
n/a
n/a
12.8
4.1
5.6
6.5
8.1
1.0
48.7
3.2
8.9
11.3
2.2
1.0
8.5
3.2
6.3
6.8
11.5
1.0
7.3
3.4
5.5
6.0
12.3
0.9
6.1
3.7
4.9
5.2
13.2
0.8
France
76%
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2%
4UHYHQXHUHVXOWVDUHGXHWREHUHOHDVHGRQ0DUFKDQGDFRQWLQXHGXSWLFN
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Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
100%
Support Services
Switzerland
17%
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D.L.S.I. is a temporary recruitment business, placing
both skilled and unskilled labour.
6KDUHKROGHUV
Ray International
39.6%
Raymond Doudot
25.3%
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35.2%
Source: Alternext
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Roger Johnston
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0DUNHWFDS
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Jan
600
Nov
Dec
650
0
Sep
Oct
700
5
Aug
750
10
Jun
Jul
800
15
Apr
May
850
20
Jan
Damartex
6HSWHPEHU\HWRQO\WUDGHVDWF[FDOHQGDULVHGFRQVHQVXV3(
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900
25
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30
Feb
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DAMARTEX
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1m
6m
12m
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(10.5)
28.3
74.0
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(13.0)
10.9
55.6
6KDUHGHWDLOV
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Code
Free float
8%
Sector
General retail
Shares in issue
5HFHQWQHZVIORZ
Belgium
10%
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Switzerland
3%
UK
20%
$IWHUFRQWLQXHGUHYHQXHPRPHQWXPLQ+HYLGHQFHPRPHQWXPKDVEHHQ
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France
67%
2011
697.9
33.6%
36.5
26.2
20.4
2.9%
2.8
31.0%
0.6
(7.6)
144.6
30.8
2012
660.8
-5.3%
26.2
15.2
11.9
1.8%
1.7
-39.3%
0.6
(14.0)
157.0
51.2
2013
659.7
-0.2%
28.6
18.2
13.1
2.0%
1.8
9.6%
0.5
25.9
164.2
25.7
2014e
702.0
6.4%
35.5
24.0
15.3
2.2%
2.2
18.6%
0.7
3.4
n/a
n/a
2015e
716.0
2.0%
37.5
25.8
16.4
2.3%
2.3
7.8%
0.7
13.6
n/a
n/a
7.9
2.5
4.6
6.4
14.1
1.1
13.0
2.5
6.7
11.5
7.9
1.0
11.9
2.1
4.7
7.4
8.2
1.0
10.0
3.0
3.8
5.6
9.1
0.9
9.3
3.2
3.6
5.2
9.2
0.9
%XVLQHVVGHVFULSWLRQ
Damartex has 60 years’ experience in the 55+
clothing category. It has nine brands with different
functional attributes. 73% of sales are from
catalogue, 21% store and 6% e-commerce. 63% of
sales are in France, 37% international.
6KDUHKROGHUV
JPJ-D
59.0%
FAAC Holding
7.8%
JPJ2
6.9%
Armance
5.4%
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5.2%
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15.8%
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Year end 30 June
Revenue (€m)
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EBITDA (€m)
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Net margin
EPS (€ per share)
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DPS (€ per share)
Valuation
P/E
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Victoria Buxton
Neil Shah
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800
10
750
8
6
700
4
650
Jan
Nov
Dec
Sep
Oct
Aug
Jun
Jul
Apr
May
Jan
0
Feb
Mar
2
Alternext ALLSHARE
850
12
600
DEINOVE
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12m
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5.0
39.4
26.5
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2.5
22.0
8.0
6KDUHGHWDLOV
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6WUDWHJ\
Free float
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2QFHWKHFRPPHUFLDOYLDELOLW\KDVEHHQSURYHQ'HLQRYHZLOOVHHNWRVLJQOLFHQVLQJ
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29%
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5.0m
5HYHQXHE\JHRJUDSK\
5HFHQWQHZVIORZ
'HLQRYHUHFHQWO\HVWDEOLVKHGDVWDQGE\HTXLW\IDFLOLW\ZLWK6RFLpWp*pQpUDOHIRUD
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Deinove designs, develops and markets technologies
in biofuels and biochemicals by harnessing the
properties of the Deinococcus bacterium.
6KDUHKROGHUV
Truffle Capital
(GLVRQHVWLPDWHV
2011
0.6
n/m
(3.8)
(4.0)
(3.3)
n/m
(0.7)
n/m
0.0
(2.1)
7.2
0.2
2012
0.7
4.9%
(4.0)
(3.3)
(2.0)
n/m
(0.4)
n/m
0.0
(2.0)
5.3
1.2
2013e
0.0
-100%
(5.0)
(5.4)
(3.6)
n/m
(0.7)
n/a
0.0
(3.1)
1.8
1.1
2014e
0.4
n/a
(4.8)
(5.4)
(4.2)
n/a
(0.7)
n/a
0.0
12.8
16.5
1.1
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
9.5
n/m
n/m
n/m
n/m
n/m
12.9
n/m
n/m
n/m
n/m
n/a
38.1
n/m
n/m
n/m
n/m
n/a
4.2
n/m
n/m
n/m
n/m
n/a
n/a
n/a
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&DWDO\VWV
Revenue (€m)
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EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
ALDEI
65.0%
Tereos
2.4%
Founders
1.0%
Managers and Directors
0.2%
Others
31.4%
Source: Alternext
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Graeme Moyse
Roger Johnston
6RXUFH(GLVRQ,QYHVWPHQW5HVHDUFK
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.DUWDU:LUH,QGXVWULHV,QGLDLQ6HSWHPEHU
900
850
15
800
10
750
700
5
Jan
Nov
Dec
Sep
Oct
Aug
Jun
Jul
Apr
May
Jan
650
Feb
Mar
0
600
DELFINGEN
%XVLQHVVPRGHO
%
'HOILQJHQ¶VNH\DFWLYLW\LVWKHGHYHORSPHQWDQGPDQXIDFWXUHRIYDULRXVDVVHPEOLHV
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Alternext ALLSHARE
Delfingen
20
1m
6m
12m
Abs
52.6
44.2
101.2
Rel
50.2
26.8
82.8
6KDUHGHWDLOV
6WUDWHJ\
Code
7KHVWUDWHJ\LVWRLQFUHDVHWKHVKDUHRILWVSURGXFWVWKURXJK5'LQWHUQDWLRQDO
H[SDQVLRQDQGDFTXLVLWLRQSDUWLFXODUO\WKURXJKDQDFFHOHUDWLRQRIJURZWKLQ$VLD
Sector
ALDEL
Free float
28%
Automobiles & parts
Shares in issue
5HFHQWQHZVIORZ
2.4m
5HYHQXHE\JHRJUDSK\
,Q'HFHPEHU'HOILQJHQDQQRXQFHGDVXFFHVVIXOFDSLWDOLQFUHDVHRI¼PWR
VXSSRUWLWVIXUWKHUH[SDQVLRQDQGWKHDFTXLVLWLRQRIDQRWKHU(XURSHDQSURWHFWLRQ
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Europe
2%
&DWDO\VWV
7KHFRPSOHWLRQRIWKHUHFHQWO\DQQRXQFHG(XURSHDQDFTXLVLWLRQVKRXOGSURYLGHD
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Total Other
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98%
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
2011
112.5
5.0%
8.2
4.6
0.7
0.7%
0.4
-62.2%
0.1
(22.3)
30.7
21.0
2012
122.4
8.9%
13.4
9.5
3.7
3.0%
1.8
391.6%
0.3
(19.7)
33.9
18.1
2013e
129.0
5.4%
12.8
9.1
4.4
3.4%
1.8
-0.5%
n/a
n/a
n/a
n/a
2014e
140.0
8.5%
13.8
9.8
5.3
3.8%
2.2
18.8%
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
45.8
0.4
7.8
13.8
2.4
1.3
9.3
2.1
4.6
6.5
11.3
1.2
9.4
n/m
4.8
6.7
12.0
n/a
7.9
n/m
4.4
6.2
12.0
n/a
n/m
n/m
n/m
n/m
n/a
n/a
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Delfingen is a global automotive supplier of protection
systems, fluid transfer systems and assembly
technologies. The group is also active in the
speciality markets in building and electrical
equipment.
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73.3%
11.6%
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5.0%
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0.0
n/m
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0.0
n/m
n/a
n/m
0.0
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0.5
0.0
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0.0
n/m
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(0.7)
(0.4)
n/m
n/a
n/m
0.0
(0.5)
2.3
(0.4)
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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2011
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(0.6)
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96.3
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n/a
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n/a
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n/a
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2011
5.0
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(8.4)
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31.3
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n/a
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Source: Alternext
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2011
12.1
31.7%
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(1.1)
(1.7)
-13.9%
(0.3)
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0.0
(1.0)
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1.2
2012
15.9
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0.1
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0.3
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0.1
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17.5
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0.6
0.6
0.3
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0.1
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0.0
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25.4
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2.2
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0.3
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30.7
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3.3
3.4
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0.4
52.0%
0.1
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n/a
n/a
n/m
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0.5
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357.1
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(59.2)
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2012
590.7
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0.1
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0.0
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n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
n/m
41.8
n/m
10.2
n/m
113.0
13.3
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
6KDUHKROGHUV
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26.2%
Francois Premier Energie
26.1%
Company owned (treasury)
15.8%
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3.9%
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Roger Johnston
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46.0
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n/a
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51.7
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14.2%
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9.3
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1.8
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52.2
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1.7
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0.5
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53.8
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3.4
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2.1
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0.5
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55.2
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6.6
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3.5
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2.2
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0.5
12.4
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22.3
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8.6
7.5
n/a
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5.2
8.2
8.8
n/a
10.5
2.4
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46.0%
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36.3
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23.3
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automation (DPA) solutions, offering on-premise and
on-demand delivery models. The company also has a
small legacy business selling fax servers and
terminal emulators (c 14% of FY13e revenues).
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52.8
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0.6
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n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
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Eurogerm specialises in wheat flour correctors,
dough conditioners, technological aids and cereal
ingredients for millers and bakers.
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58.0
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(0.1)
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n/a
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n/a
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27.0%
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Evolis is a global company specialising in designing,
manufacturing and selling printers for graphic
personalisation and for encoding data on plastic
cards such as access control badges, transit passes,
corporate badges and bank cards.
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600
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650
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700
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750
10
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800
15
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850
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and boutiques. It also distributes fine and costume
jewellery under the name Les Florentines. 88% of
sales are in France and 12% International.
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Gaussin specialises in the design, manufacturing and
marketing of industrial and port trailers and selfpropelled barges.
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Genfit is a French biotech company focused on
developing therapeutics and diagnostics for
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candidate GFT505 is in a Phase IIb study.
6KDUHKROGHUV
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n/a
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n/m
n/m
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n/a
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GenOway develops and markets genetically modified
animals (primarily rats and mice) for use in research
programmes.
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pumps, fuel feed systems and gas machine
equipment.
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n/a
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Global Bioenergies
GLOBAL BIOENERGIES
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Global Bioenergies is developing an industrial-scale
process for converting carbohydrates into olefins,
which will be licensed to partners following an
industrial pilot.
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0.4
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0.3
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1.7
95.2%
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(5.4)
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Other shareholders
28.1%
Seventure Partners
27.0%
Marc Delcourt
13.1%
Philippe Marlière
13.1%
CM-CIC Investissement
7.3%
Cristal Financière
6.0%
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3.3%
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1.1%
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Global ecopower
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1.3
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0.0
n/m
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5.7
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34.0%
0.4
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
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103.7
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n/m
n/m
n/m
n/a
n/a
n/m
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n/m
n/m
n/a
n/a
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27.0%
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Leyne (Thierry)
22.9%
Port Noir Investment
22.2%
Assya Compagnie Financiere
Managemeht
14.9%
Revenue (€m)
% change
EBITDA (€m)
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Net income (€m)
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EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
2011
22.9
n/a
n/a
(16.6)
(15.4)
n/a
(1.41)
n/a
0.0
(46.4)
62.1
n/a
2012
23.4
2.2%
n/a
(13.4)
(8.8)
n/a
n/a
n/a
0.0
(31.9)
54.0
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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8.2%
Del Sarte (Raphael Real)
8.1%
MZ Finance
3.7%
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3.5%
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81.4%
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17.4%
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111.4
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1.7
1.7
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0.5
n/m
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161.8
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0.4%
0.3
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0.0
1.8
5.8
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
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n/a
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n/a
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n/a
n/a
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n/a
n/a
n/a
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457.3
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2.4%
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54.7
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12.5
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64.8
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13.2
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6.9
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La Brayère
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176.3
39.1%
30.7
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3.4
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1.6
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2011
16.6
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344.3
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36.0
1.6
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347.6
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companies worldwide.
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65.0%
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Hitechpros operates a marketplace for outsourcing
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represented.
Revenue (€m)
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EV/EBITDA
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14.5
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0.5
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11.8
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76.4%
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61.7
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19.8
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66.5
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700
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650
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Sep
Oct
Aug
Jun
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Apr
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Jan
0
Feb
Mar
2
600
MILLET INNOVATIONE
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16.2
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1.5
9.1%
0.8
13.2%
0.5
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17.3
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17.1
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manufacture of footcare and cosmetic products. 91%
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9% direct mail order. 48% sales are in France, 52%
sales are for export.
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32.0%
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Mobile Network Group is a marketing company
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and publishers.
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6.0
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
n/a
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n/a
n/a
n/a
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n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
28.2
40.3
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n/m
n/m
n/m
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n/m
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n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
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n/a
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15.0%
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5.0%
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5.0%
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5.0%
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5.0%
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20.1
n/m
2.1
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0.0
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0.0
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10.3
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23.8
18.5%
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products (construction lumber and prefabricated solid
wood walls). More recently, it has developed new
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pellet production from process waste.
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0.6
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NSE Industries
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19.5
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22.2
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21.8
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6.6
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15.2
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37.0
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n/a
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81.0%
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76.5
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13.9
7.6
4.6
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0.5
8.3%
0.5
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36.9
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74.7
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0.3
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62.4
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n/a
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n/a
n/a
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n/a
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n/a
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66.0%
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5.0%
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30.9
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1.7
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0.1
0.4%
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(4.7)
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n/a
0.0
(0.7)
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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65.1
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5.4
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0.6
0.4
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n/m
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n/m
n/m
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n/m
n/m
n/m
n/m
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composite materials and concrete products. It also
offers maintenance products, covers, tarpaulins,
water treatment products and safety equipment.
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70.4%
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3.1%
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n/a
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and marketing of chimney flues and metal roof
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74.8%
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106.9
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sit on top of ERP and CRM platforms from Microsoft.
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6KDUHKROGHUV
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0.0
n/m
0.0
1.0
3.7
0.6
2012
7.3
12.3%
(0.9)
(1.4)
(1.6)
-22.2%
(1.2)
n/m
0.0
(0.9)
3.1
1.7
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8.8
20.8%
(0.1)
(0.6)
(0.6)
-6.8%
(0.4)
-64.4%
n/a
n/a
n/a
n/a
2014e
9.9
12.5%
0.6
0.1
0.1
1.0%
0.0
-109.8%
n/a
n/a
n/a
n/a
2015e
10.8
9.1%
1.4
0.8
0.5
4.6%
0.3
750.0%
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
2.3
n/m
n/m
n/m
n/m
(21.0)
n/a
117.5
n/m
13.4
80.6
2.0
n/a
20.0%
Pierre Doncieux
10.0%
Doncieux frères
5.0%
Others
65.0%
Source: Alternext
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Jane Anscombe
329.5
n/m
63.7
n/m
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1.9
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13.8
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Richel Serres de France
RICHEL SERRES DE FRANCE
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France
51%
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World
49%
Year end 31 March
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
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P/E
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2011
129.9
38.8%
11.4
9.6
6.4
5.0%
1.3
79.8%
0.4
11.6
25.8
2.7
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101.9
-21.6%
17.1
5.2
17.5
17.2%
4.1
222.0%
0.4
22.1
35.8
(3.8)
2013
75.5
-25.9%
5.9
3.2
2.3
3.0%
0.53
-87.1%
n/a
2.0
13.9
(4.8)
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
4.4
6.7
1.1
1.3
24.9
0.9
1.4
6.7
0.1
0.4
56.8
0.7
10.6
n/a
3.7
6.9
16.5
1.7
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Richel Serres de France produces plastic- roofed
greenhouses for horticulturalists, vegetable and fruit
growers and tobacco growing and drying.
6KDUHKROGHUV
Financière Richel
79.0%
Other shareholders
21.0%
Source: Alternext
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Roger Johnston
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850
30
800
25
750
20
15
700
10
650
Jan
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Rougier specialises in harvesting, processing and
distributing tropical woods. Its activity is organised
into two areas: operation of forest concessions (2.1m
hectares in Gabon, Cameroon and Congo) and the
production, processing and sale of wood.
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
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EV/EBITDA
EV/EBIT
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P/B
2011
147.1
6.1%
10.9
3.2
4.4
3.0%
3.3
-16.5%
1.0
(25.9)
88.9
54.6
2012
142.6
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7.0
(1.1)
(3.7)
-2.6%
(3.1)
-193.1%
0.0
(48.1)
69.5
62.4
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141.0
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4.5
(7.7)
(5.7)
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(3.2)
1.6%
n/a
(50.4)
n/a
n/a
2014e
147.0
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11.5
3.4
0.5
0.3%
0.4
-114.0%
n/a
(45.2)
n/a
n/a
2015e
153.0
4.1%
12.8
4.6
1.4
0.9%
1.4
213.6%
1.0
(38.8)
n/a
n/a
8.2
3.7
5.0
16.9
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n/m
n/m
10.9
n/m
n/m
0.4
n/m
n/m
16.9
n/m
(10.9)
n/a
62.1
n/m
6.7
22.7
1.0
n/a
19.8
3.7
6.0
16.7
2.9
n/a
6KDUHKROGHUV
Rougier
62.4%
Employees
2.3%
0.6%
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34.7%
Source: Alternext
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Roger Johnston
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600
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Koninklijke Reesink distributes products such as DIY
materials, agricultural machinery and steel materials to
industrials and specialist distribution chains.
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
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EV/EBITDA
EV/EBIT
ROE
P/B
2011
173.4
-8.7%
10.9
9.5
5.6
3.2%
8.2
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6.0
(31.0)
78.9
55.1
2012
185.2
6.8%
9.0
6.7
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-2.3%
(6.1)
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0.0
(25.2)
74.1
57.8
2013e
255.0
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12.2
8.1
3.3
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2.7
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2.7
(76.1)
n/a
n/a
2014e
470.0
84.3%
29.3
19.1
10.9
2.3%
8.7
225.8%
4.6
(76.3)
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
8.6
8.5
8.2
9.4
7.1
0.7
n/m
n/m
9.4
12.5
n/m
0.8
26.4
3.8
6.9
10.4
n/a
1.1
8.1
6.5
2.9
4.4
n/a
1.1
n/m
n/m
n/m
n/m
n/a
n/a
6KDUHKROGHUV
Bibiana Beheer
3.8%
Decico
5.6%
Recopart
2.4%
Delta Lloyd Deelnemingenfonds
12.0%
Todlin
8.6%
Beleggings- en Exploitatiemaatschappij
De Engh
3.9%
Source: Royalreesink website
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Roger Leboff
Roger Johnston
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600
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650
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Oct
700
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750
10
Jun
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800
15
Apr
May
850
20
Jan
Sapmer
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SAPMER
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Sapmer specialises in fishing for Patagonian toothfish
(Chilean seabass), lobster and tuna. It operates
exclusively in the Indian Ocean (tuna) and French
Antarctic (Patagonian toothfish and lobster) economic
zones.
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% change
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P/E
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P/B
Sapmer Holding
2011
77.0
60.4%
20.5
15.2
7.7
10.1%
2.2
n/a
0.4
(50.9)
38.4
9.1
2012
93.1
20.9%
24.2
17.6
8.6
9.3%
2.5
10.3%
0.5
(91.2)
45.9
14.6
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9.1
2.0
5.9
8.0
20.1
1.8
8.2
2.5
6.7
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20.5
1.5
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
89.7%
Other shareholders
8.8%
Managers and associates
1.5%
Source: Alternext
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850
120
800
100
750
80
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Jan
Nov
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Aug
Jun
Jul
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leasing and management.
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80.2%
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Revenue (€m)
% change
EBITDA (€m)
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Valuation
P/E
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EV/EBITDA
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Jan
Nov
Dec
Sep
Oct
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600
Jun
Jul
650
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1
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75.8
16.5%
7.6
6.9
3.0
4.0%
1.8
n/m
0.0
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14.4
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79.0
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5.1
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2.9
3.6%
0.8
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0.0
(30.9)
16.2
47.6
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2.2
n/m
5.4
6.0
20.9
0.9
4.7
n/m
8.8
10.0
18.7
0.8
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
9.1%
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10.7%
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600
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650
0
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2
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%
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5.3
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2.8
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operators and internet access providers. It has
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revenues are from outside France.
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2011
11.5
12.1%
3.8
2.8
1.8
16.0%
0.7
n/m
0.2
2.6
8.8
3.6
2012
14.6
27.1%
4.5
2.3
1.3
9.2%
0.5
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0.2
1.0
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5.2
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
n/a
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n/a
n/a
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n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14.8
2.0
6.4
9.0
20.8
3.1
20.4
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5.9
11.7
15.7
3.3
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
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n/m
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n/a
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Revenue (€m)
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800
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51.8%
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Bridie Barrett
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900
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0.6
700
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management services using both cloud and
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and its shares have been suspended since June
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600
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650
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0.2
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1.4
6KDUHKROGHUV
2011
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2012
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
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n/m
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n/a
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n/m
n/m
n/m
n/m
n/a
n/a
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Other investment funds
53.9%
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33.7%
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6.0%
Source: Alternext
$QDO\VWV
Tom Grady
Dan Ridsdale
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650
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700
1
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750
2
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800
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850
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(14.7)
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Theradiag develops, manufactures and markets
diagnostic tests, with a focus on autoimmune
diseases,HIV/Aids, allergies and cancers. Research
targets the generation of new tools to help guide
biotherapies, notably through the company’s
microRNA platform..
4.2m
5HYHQXHE\JHRJUDSK\
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6RXUFH%ORRPEHUJ
42.2%
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ALTER
2011
10.2
-8.9%
(0.3)
(0.6)
(0.3)
-3.3%
(0.1)
n/m
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4.0
0.4
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8.3
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(0.2)
n/m
0.0
2.6
10.2
0.1
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
3.6
n/m
n/m
n/m
n/m
n/m
1.4
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
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6KDUHKROGHUV
Truffle Capital
34.7%
IdInvest
9.9%
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8.2%
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2.1%
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2.9%
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42.2%
Source: Alternext
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800
10
750
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700
4
650
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Sep
Oct
Jun
Jul
Apr
May
Jan
0
Feb
Mar
2
TOOLUX SANDING
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600
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+RPH'HSRWLQWKH86DQG%4LQWKH8.SOXVDIHZPDQXIDFWXUHUV,WKDV
Sector
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household products
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Toolux Sanding specialises in design, manufacture
and marketing metal and plastic tool sets. The
group's products include screwdrivers, nozzles, multiuse wrenches, trowels and accessories (including
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Alternext ALLSHARE
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850
12
2011
9.2
-12.7%
0.6
0.2
0.1
1.6%
0.1
n/m
0.0
(15.3)
12.4
21.7
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10.3
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0.8
0.3
0.2
1.5%
0.1
12.5%
0.0
(15.8)
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
168.1
n/m
60.7
210.2
1.2
1.9
149.4
n/m
51.2
140.9
1.2
1.9
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Crystal Sky Holdings
77.0%
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23.0%
Source: Alternext
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Roger Leboff
Jane Anscombe
6RXUFH%ORRPEHUJ
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Shares in issue
3.3m
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stolen vehicle location products (75% of FY12
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EBITDA (€m)
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Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
2011
16.7
2.7%
1.0
(0.3)
0.0
0.2%
0.0
-105.3%
0.0
0.7
7.5
0.9
2012
17.1
2.4%
0.6
(0.5)
(0.4)
-2.3%
(0.1)
-1300.0%
0.0
1.0
7.0
0.4
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
110.0
n/m
3.0
n/m
0.4
0.5
n/m
n/m
4.3
n/m
n/m
0.5
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Innoven
21.7%
Erco Finances
15.0%
Managers
9.4%
Viveris – Groupe Caisse d'Epargne
5.9%
Lo Jack
5.5%
ACT Finances
4.5%
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35.6%
Source: Alternext
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Tom Grady
Dan Ridsdale
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750
10
700
Jan
Nov
Dec
Aug
Sep
Oct
600
Jun
Jul
650
0
Apr
May
5
Jan
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25
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100%
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Engineering
Shares in issue
5HFHQWQHZVIORZ
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Year end 31 March
Revenue (€m)
% change
EBITDA (€m)
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Net income (€m)
Net margin
EPS (€ per share)
% change
DPS (€ per share)
Valuation
P/E
Yield
EV/EBITDA
EV/EBIT
ROE
P/B
2011
55.3
24.6%
11.0
9.2
6.4
11.5%
1.8
6.7%
0.0
19.8
38.4
11.0
2012
63.2
14.3%
10.0
7.9
5.7
9.0%
1.6
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0.0
20.6
44.1
15.0
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70.8
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11.2
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6.1
8.6%
1.7
9.6%
0.0
19.9
50.1
16.9
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74.0
4.5%
11.9
9.1
6.3
8.5%
1.7
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n/a
n/a
n/a
n/a
2015e
79.0
6.8%
13.6
10.5
7.4
9.3%
2.0
16.6%
n/a
n/a
n/a
n/a
11.8
n/m
5.2
6.3
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13.2
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5.6
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Trilogiq produces tubular systems for outfitting
production lines that are used to reduce nonproductive areas, decrease operator movements and
optimise ergonomics, costs and production times.
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15.7%
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7.6%
Source: Alternext
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Roger Johnston
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27.8%
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Technology
Shares in issue
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Travel Technology Interactive (TTI) is a publisher and
operator of SaaS-based software solutions for the
transport sector. The software is used by low-cost
and hybrid airlines in Europe, the Americas, AsiaPacific and Africa.
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2011
11.0
-12.4%
1.4
0.7
0.1
0.6%
0.0
n/m
0.0
1.3
14.7
0.3
2012
8.6
-21.8%
(0.5)
(0.9)
(5.0)
-58.1%
(1.2)
n/m
0.0
(0.6)
9.6
(0.0)
2013e
7.3
-15.0%
n/a
n/a
(1.1)
-15.1%
(0.3)
n/m
n/a
n/a
n/a
n/a
2014e
7.8
6.8%
n/a
n/a
(0.6)
-7.7%
(0.1)
n/m
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
37.0
n/m
1.3
2.7
0.4
0.2
n/m
n/m
n/m
n/m
n/m
0.3
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Eurofinance Travel
51.9%
Jean-Christophe Leonard
9.7%
ZWOP Participacoes
5.9%
Inocap
5.0%
Source: Travel Technology Interactive
$QDO\VWV
Anne Margaret Crow
Dan Ridsdale
6RXUFH%ORRPEHUJ
Jan
Nov
Dec
Aug
Sep
Oct
Jun
Jul
Apr
May
600
Jan
650
0
Feb
Mar
0.5
%XVLQHVVPRGHO
Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
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EPS (€ per share)
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DPS (€ per share)
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P/E
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EV/EBITDA
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800
1.5
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700
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4.9
4.8
4.7
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Turienne Investissement
600
TURENNE INVESTISSEMENT
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Free float
77%
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6WUDWHJ\
Financials
Shares in issue
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invests jointly with funds managed by Turenne
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Revenue (€m)
% change
EBITDA (€m)
Op profit (€m)
Net income (€m)
Net margin
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% change
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Valuation
P/E
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EV/EBITDA
EV/EBIT
ROE
P/B
2011
0.0
n/a
(1.1)
(1.3)
2.7
n/m
0.6
-174.7%
0.0
10.9
32.4
(0.1)
2012
0.0
n/a
(1.1)
(1.1)
0.0
373.1%
0.0
-99.7%
0.0
9.8
29.5
0.4
2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.9
n/m
n/m
n/m
8.2
0.6
2818.8
n/m
n/m
n/m
0.0
0.6
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Other shareholders
67.6%
Ventos
19.2%
Turenne Capital
7.7%
Lombard
2.5%
Turenne Participations
1.6%
Turenne Holding
1.4%
Source: Alternext
$QDO\VWV
Roger Leboff
Martyn King
6RXUFH%ORRPEHUJ
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Jan
600
Nov
Dec
650
0
Aug
700
0.5
Sep
Oct
750
1
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Jul
800
1.5
Apr
May
850
2
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900
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Tuto4pc Com Group
TUTO4PC COM GROUP
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8.8
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P/E
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EV/EBITDA
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P/B
2011
7.6
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4.3
2.0
2.2
28.7%
0.6
n/m
0.0
(2.7)
7.2
3.6
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5.0
-34.4%
0.5
(6.3)
(6.6)
-131.8%
(1.8)
-396.5%
0.0
(3.7)
0.3
0.4
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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19.8%
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600
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VDI is a multichannel retailer in the battery and health
and safety subsectors. It sources product from China
and reassembles it in Tunisia to meet more focused
specifications, selling both B2B and B2C in France,
and four other European markets.
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117.9
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(9.7)
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(1.0)
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0.0
(1.1)
(5.6)
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
n/m
n/m
n/m
5.3
n/m
n/m
22.7
n/m
n/m
n/m
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
n/m
n/m
n/a
n/a
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n/a
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Vergnet designs, manufactures and sells wind
turbines. It helps customers develop projects and
offers to install, operate and maintain systems.
6KDUHKROGHUV
Fonds Stratégique d'Investissement
38.3%
Nass & Wind
14.7%
Marc Vergnet
11.2%
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35.8%
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1.2
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(5.1)
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2.4
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2.7
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n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2014e
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/a
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
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n/m
n/m
n/m
n/m
27.6
n/m
n/m
n/m
n/m
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n/m
n/m
n/m
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n/a
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n/m
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n/m
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n/a
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Truffle Capital
56.5%
Banexi Ventures Partners
24.5%
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2.4%
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Source: Alternext
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46%
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P/E
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EV/EBITDA
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2011
12.5
22.0%
(1.5)
(1.8)
(2.3)
-18.4%
(1.1)
62.3%
0.0
1.8
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13.7
9.4%
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(2.8)
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0.0
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17.0
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2014e
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-3.8%
(0.2)
n/a
n/a
n/a
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n/a
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n/a
n/a
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n/m
n/a
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France
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Visiomed designs and manufactures electronic
consumer medical and wellness devices, which are
marketed principally in France. Flagship products
include blood pressure monitors, thermometers and
pain relief devices.
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Managers
37.2%
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14.6%
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13.5%
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12%
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Vision IT is a Paris-based consulting and IT services
business with operations in nine European countries.
2011
111.6
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5.9
4.9
(1.3)
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(0.2)
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0.0
(16.6)
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6.7
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105.3
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0.0
n/a
0.0
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36.9
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103.0
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2.7
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0.4
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n/a
n/a
n/a
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105.0
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6.7
5.8
2.8
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0.4
7.7%
0.1
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/m
n/m
6.3
7.6
n/m
0.5
75.5
n/m
5.3
6.2
0.8
0.6
7.7
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5.2
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6.7
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7.2
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6.8
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n/m
n/m
n/m
n/a
n/a
6KDUHKROGHUV
Other shareholders
23.6%
CIM Vision
19.3%
Marc Urbany
15.7%
Philippe Muffat-es-Jacques
13.8%
Externalis et Alain Mallart
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3.5%
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Source: Alternext
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VSUHDGDFURVVPDQ\LQGXVWULHV7KHUHLVDQLQFUHDVLQJIRFXVRQIL[HGSULFH
Jan
Nov
Dec
600
Sep
Oct
650
0
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700
1
Jun
Jul
750
2
Apr
May
800
3
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Revenue (€m)
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850
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25
20
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900
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7KDQNVWRLWVIRFXVRQWDLORUPDGHDQGDGYHQWXUHKROLGD\V9R\DJHXUVGX
30
Alternext ALLSHARE
Voyageurs Du Monde
VOYAGEURS DU MONDE
%XVLQHVVPRGHO
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2011
278.3
6.8%
13.1
10.1
5.8
2.1%
1.6
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0.9
50.3
46.3
(36.6)
2012
285.7
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13.5
9.5
6.1
2.1%
1.7
4.6%
0.9
56.7
58.2
(40.5)
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338.3
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16.4
12.2
6.6
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1.9
13.9%
0.9
66.0
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347.7
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2.1
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1.0
72.7
n/a
n/a
2015e
357.7
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18.2
13.8
7.7
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2.2
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1.1
79.2
n/a
n/a
17.8
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12.6
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3.5
5.0
11.6
1.8
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3.3
2.9
3.9
13.0
1.7
13.8
3.5
2.7
3.6
13.2
1.6
13.0
3.8
2.6
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Voyageurs du Monde is a leading French tour
operator, specialising in tailor-made holidays and
adventure travel. Marketing is through a network of
city-centre 'Cité des Voyageurs' agencies and via the
internet.
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15
800
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750
700
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Jan
Nov
Dec
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Oct
Aug
Jun
Jul
Apr
May
Jan
650
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0
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20
600
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Revenue (€m)
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DPS (€ per share)
Valuation
P/E
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EV/EBITDA
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ROE
P/B
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2011
22.4
47.5%
5.4
4.1
3.5
15.6%
1.0
43.5%
0.4
3.8
16.3
3.7
2012
24.3
8.2%
5.1
3.3
2.9
12.1%
0.8
-17.0%
0.5
2.2
17.7
3.8
2013e
25.8
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3.5
n/a
1.0
3.9%
0.3
-62.5%
n/a
n/a
n/a
n/a
2014e
28.6
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4.8
n/a
1.9
6.6%
0.6
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n/a
n/a
n/a
n/a
2015e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9.5
3.7
5.5
7.2
21.5
2.0
11.4
4.7
6.1
9.4
17.3
1.9
31.7
n/m
8.7
n/m
6.0
n/a
15.8
n/m
6.3
n/m
10.0
n/a
n/m
n/m
n/m
n/m
n/a
n/a
Weborama is an audience-driven digital advertising
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850
800
15
750
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700
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600
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Oct
650
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EV/EBITDA
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P/B
2011
6.0
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0.5
(0.0)
0.1
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0.0
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6.8
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2013e
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
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2014e
n/a
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n/a
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n/a
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2015e
n/a
n/a
n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
207.1
n/m
20.1
n/m
0.7
1.2
n/m
n/m
40.6
n/m
n/m
1.3
n/m
n/m
n/m
n/m
n/a
n/a
n/m
n/m
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Investment snapshot: Neutral

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