Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UMICORE. We currently have 7 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.
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.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
FY16 weak as expected; some hopes on Canada for FY17
16 Mar 17
K+S released FY16 numbers. Revenues were down 17.2% to €3,456.6m, EBITDA down 50.9% to €519m, EBIT I down 70.7% to €229.3m and net adjusted earnings down 76% to €130.5m. Net debt reached €3.538m (vs €2,395m). The proposed dividend is €0.30 (vs €1.15). The group expects a tangible increase in EBIT I for FY17 on higher volumes (in particular thanks to the Legacy Project) as well as price/mix, although signification variation may occur on low-water periods in the Werra river. K+S maintains its long-term (2020) target of an EBITDA of €1.6bn.
N+1 Singer - Morning Song 14-03-2017
14 Mar 17
Advanced Medical Solutions (AMS LN) Prelims slightly ahead, still no deals | Brady (BRY LN) Investment will impact profits, but provide a platform for stronger growth | Burford Capital (BUR LN) Strong growth, many opportunities | First Derivatives (FDP LN) Collaboration agreement | Gresham Technologies (GHT LN) A milestone year | Gym Group (GYM LN) In line finals | Horizon Discovery Group (HZD LN) Agreement in pre-natal diagnostics | Kalibrate Technologies (KLBT LN) Near-term challenges, building long-term value | Stadium Group (SDM LN) Strong current trading; Strategic US investment | Zotefoams (ZTF LN) Currency tailwind underpins strong PBT growth; promising HPP progress
21 Aug 15
Wentworth Resources: Operational update (BUY) | PhotonStar*: Interim results (CORP) | Rose Petroleum^: Operational update (BUY) | Byotrol*: Conditional placing to raise £1.4m; forecast revisions (CORP) | H&T Group: Approaching an inflexion point? (HOLD) | Robinson*: Analyst interview (CORP)