Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UMICORE. We currently have 6 research reports from 1 professional analysts.
|23Nov16 07:30||GNW||Umicore - Transparency notification by Standard Life Investments: Disposal of voting securities|
|15Nov16 07:30||GNW||Umicore - Transparency notification by Standard Life Investments: Acquisition of voting securities|
|10Nov16 07:30||GNW||Umicore - Transparency notification by Standard Life Investments: Disposal of voting securities|
|27Oct16 07:30||GNW||Umicore - Transparency notification by APG Asset Management: Acquisition of voting securities|
|21Oct16 06:30||GNW||Umicore - Trading Update Q3 2016|
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Research reports on
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.
2015 seems to deliver
22 Oct 15
Q3 sales are seen +10% higher driven by Catalysis and Energy&Surface Technologies. Net debt increased due to interim dividend payments (€50m) and share buy-backs (€32m). Management became a bit more moderatein its guidance, now seeing REBIT near (previously: in the upper part) the €310-340m range.
Pushing the (automotive) pedal
31 Jul 15
H1 sales (ex precious metal sales) were up +12% to €1,349m and EBIT rose +18% to €123m. Net income attributable to shareholders came in +11% higher at €90m. Operating CF was severely hit by a €221m swing in NWC to €-165m outflow and investing CF moved up from €-69m to €-92m mainly driven by higher capex. Financing CF came in at €-14m after €-98m, primarily lifted by the disposal of own shares. Management fine-tuned already given FY guidance, expecting now REBIT to come in the upper part of the previously stated €310-340m range.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
30 Nov 16
Results have yet again beaten our forecasts and the management has now delivered the fourth consecutive year of earnings above expectations. The share price is up 41% over the last three months, and Treatt is steadily moving from commoditised sales to more value-added products. Its strategy of deep customer relationships is paying off, giving it a real competitive advantage and improving margins. The year finished strongly and momentum is due to continue in the traditionally seasonally weaker Q117. Our P&L forecasts are broadly maintained, but our fair value moves to 272p (from 240p) as a result of stronger cash flow.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.