Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UMICORE. We currently have 8 research reports from 1 professional analysts.
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Mobility showing the green light, Recycling the red one
10 Feb 17
Umicore released a mixed picture within its divisions. The group’s sales excluding precious metal trading were marginally up (+1% to €2,668m), with EBITDA at €408m after €427m. Net profit attributable to shareholders clearly dropped 23% to €131m. Operating CF clearly rose +45% to €384,7m, primarily fuelled by the swing in NWC from €-113m to €13m, seeing higher inventories. Investing CF was a bit weaker (€-209m after €-222m) as higher investments in intangible assets were more than offset by disposable gains. Despite clearly higher dividends (€-143m after €-115m), financing CF stood fairly unchanged at €-105m (€-99m) as equity measurements of the company generated some positive inflow (€38m). Management proposes a gross annual dividend of €1.30 (€1.20) per share at the AGM on 25 April 2017, of which €0.60 was already paid out as an interim dividend in August 2016. For 2017, management expects clean mobility activities to deliver solid growth. Recycling activities are seen as benefiting from the new capacities coming on stream. We expect the Annual Report to be published within the next few weeks.
Strong demand from mobility applications, cont’d.
21 Oct 16
Umicore’s number-less trading statement reported a +7% revenue increase mainly driven by Catalysis. Management confirmed recent 2016 guidance expecting recurring EBIT to be in the range of €345-365m including the FY contribution of Zinc Chemicals for the full year, but excludes the effect of the rescheduled shutdown of the Hoboken smelter at the end of the year.
Mobility does the work and guidance slightly lifted
29 Jul 16
Umicore saw some higher sales from continuing operations (+2% to €1,207m, ex-metal trading) and EBITDA rose +10% to €223m in H1 16. Net income attributable to shareholders dropped from €90m to €46m due to the negative impact from discontinued operations. Operating CF more than trebled (€169m after €51m), fuelled by significant lower NWC outflow (€-13m after €-165m). Investing CF stood fairly unchanged at €-89m, whereas financing CF moved from €-14m to €-63m as the latter suffered from a swing from net gross debt issuance (€23m) to net gross debt repayment (€-11m) and was additionally burdened by higher dividend payments (+27% to €-74m). Management slightly lifted 2016 guidance, expecting now recurring EBIT to be in the range of €345-365m (€335-360m) including the FY contribution of Zinc Chemicals for the full year and based on current metal prices.
No signs of weakness in automotive
26 Apr 16
Umicore’s sales update provided only percentages but no hard figures. Group’s sales were marginally up by 1%. Catalysis reported strong demand from automotive, but the division’s performance was mostly offset by weaker performances from Energy & Surface Technologies (-4%) and Recycling (-8%). Both suffered from lower metal prices. Management did, however, provide some guidance with recurring EBIT expected to be in the range of €335-360m in 2016.
Strong final spurt, but where does 2016 go?
05 Feb 16
Umicore reported a +11% sales (ex metal trading) increase to €2,629m pushed by higher demand in Catalysis and Energy&Surface Technologies in 2015. EBITDA rose +5% to €417m and net profit attributable to shareholders was almost unchanged at €171m. Operating CF jumped +49% to €396m predominantly driven by a swing in NWC from €-113m to €88m. Investing CF came in at €-242m (€-222m) despite lower capex investments. Due to the share-buy-back programme (€-64m after €-10m), financing CF moved from €-99m to €-148m. Management will propose a higher dividend of €1.20 (€1.00) per share, of which €0.50 was paid out in September 2015, at the next AGM on 26 April 2016. Management failed to give clear guidance, but expects significant higher volumes in clean mobility and recycling. Metal price development is expected to remain volatile. AR is expected to be released in the coming weeks.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Elementis - Positive update confirms strengthening of demand
25 Apr 17
Elementis’ AGM statement confirms a positive start to the year with stronger demand evident in most markets during Q1. This reinforces our confidence that 2017 will see a return to earnings growth after the challenges of 2016. It has been a busy period strategically with the sale of the non-core US colourants business and the closure of the Jersey City facility, as well as the significant acquisition of SummitReheis. The SummitReheis deal closed on 24th March, three months earlier than originally planned, prompting a 5% earnings upgrade to FY17 this morning. In our view prospects for the coming years are bright and Elementis remains a Best Idea for 2017.
N+1 Singer - Morning Song 12-04-2017
12 Apr 17
Futura Medical (FUM LN) Multiple licensing discussions underway | Low & Bonar (LWB LN) Solid Q1, trading in line | Nuclear options Significant long-term opportunities for UK companies | RhythmOne (RTHM LN) Trading update – profit and cash ahead | Uncovered Gems - Speed Dating Lunch A Famous Five for the future?