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Bekaert published Q3 23 revenues which missed street forecasts as the slump in volume came in worse-than-expected. Consolidated sales declined by 8% sequentially, when consensus was expecting a c. +5% rebound. Bekaert finally issued a quantitative FY23 guidance, calling for a 7% cut to our top line expectation. Our 8.6% underlying EBIT forecast met the freshly issued FY23 target. The first comments on the FY24 perspectives lacked optimism. We expect the 7 December CMD to be focused on growth dri
Companies: NV Bekaert (BEKB:EBR)Bekaert SA (BEKB:BRU)
AlphaValue
Bekaert reported FY22 results in line with the guidance, underlined by better-than-expected FCF generation stemming from well-managed WC. The return to shareholders looks attractive with a yield at 8.8% based on €90m of dividend payments and the unexpected €120m of buyback (again). Given the health of Bekaert’s balance sheet, this return could have been higher but external growth remains a priority. The FY23 performance will depend on the rebound of the Chinese market. “New Bekaert” appears to b
Bekaert’s Q3 trading update came in with a strong price effect, yet decreasing sequentially on tougher comps, and plunging volumes on par with the performance in H1 22. The company finally issued a guidance for FY22, topping our expectation on top-line growth but slightly falling short of our adjusted EBIT forecast. The company also confirmed its mid-term targets, which point to structural improvements and decreased cyclicality. 2023 is likely to be a good stress test.
Bekaert’s Q1 trading update was above expectations on the back of a huge price effect offsetting the weak volumes especially in China. Despite the split between price mix and pass-through pricing being unknown, this once again confirmed the company’s good pricing power coupled with the positive trend in the ongoing portfolio rotation. The initial comments on the FY22 outlook call for an increase in our top line and EBIT expectations. Chinese lockdowns remain the key uncertainty.
Bekaert reported a guidance-beating set of FY21 results on the back of revenue growth combining a +9% volume effect and a +19% price effect. Despite the seasonally lower profitability in H2 and cost headwinds, the company comfortably met its outlook, with underlying EBIT landing 50bps ahead of the AV estimate. The absence of guidance for FY22 reflects the high uncertainty on the market environment although the management has reiterated its mid-term outlook as a sign of confidence. A €120m buybac
Bekaert posted record H1 21 on every line. With a positive alignment of the volume rebound, skyrocketing raw material prices, and improving price/mix, the underlying EBIT margin landed at 12.4%. Management has started to weigh up M&A options to use the rapidly growing cash pile. Mid-term outlook was upgraded only two months after Bekaert’s CMD.
Having postponed the date from last March to give the new CEO time to settle in, Bekaert finally held its CMD with an expected upgrade to FY21 guidance, and a mid-term outlook in radical continuation of its current strategy. The main limitations remain the uncertainties about raw material headwinds which could lead to sticky margins on the worst-case scenario. Uncertainty also surrounds M&A targets and the magnitude of cost reductions, while the most recent track record calls for management effe
Bekaert posted strong results in every respect. Despite FY20 consolidated sales down by 13% yoy, profitability and cash generation came in at record levels (FY20: underlying EBITDA margin of 12%, FCF up by 8% yoy) and paved the way for a massive deleveraging (net debt down 40% yoy). The company’s new CEO shows confidence looking into 2021.
Research Tree provides access to ongoing research coverage, media content and regulatory news on NV Bekaert. We currently have 17 research reports from 2 professional analysts.
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Cavendish
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SP Angel
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Liberum
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
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Hybridan
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
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Auctus Advisors
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
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VSA Capital
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
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Tamesis Partners
Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.
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Zeus Capital
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
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Edison
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Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
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Shore Capital
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
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SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number
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Progressive Equity Research
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