Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FLSMIDTH & CO A S. We currently have 7 research reports from 1 professional analysts.
|23Feb17 08:50||GNW||NOTICE TO CONVENE the Annual General Meeting of FLSmidth & Co. A/S|
|22Feb17 06:50||GNW||FLSmidth: Large shareholder announcement - Franklin Mutual Advisers, LLC|
|21Feb17 13:37||GNW||FLSmidth awarded first phase of EPC contract for gold mine|
|09Feb17 10:58||GNW||Annual Report 2016 for FLSmidth & Co.|
|27Jan17 16:53||GNW||FLSmidth: Large shareholder announcement - Novo A/S|
|17Jan17 08:38||GNW||FLSmidth receives cement plant order in Pakistan|
|10Jan17 12:52||GNW||FLSmidth receives cement plant order in Colombia|
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FLSMIDTH & CO A S
FLSMIDTH & CO A S
An encouraging end to the year driven by cement demand
16 Feb 17
FLSmidth reported its Q4 figures which showed improving momentum in demand. - Revenue has risen by 4%: (DKK5,525m in Q4 16 vs DKK5,297m in Q4 15). This represents an organic growth of 6%, particularly related to the Cement division. - Order intake has increased by 23%: from DKK3,691m in Q4 15 to DKK4,544m in Q4 16. The increase was predominantly driven by the Cement division. - EBITA has risen from DKK384m in Q4 15 to DKK426m in Q4 16. The EBITA margin is 7.7% (vs 7.2% in Q4 15). Adjusted for one-off costs of DKK 110m, the EBITDA margin was 9.7%. - The group’s profit in Q4 16 has risen from DKK23m in Q4 15 to DKK182m. - The CFO increased in Q4 16 (DKK608m vs DKK148m in Q4 15) due to higher operational earnings and a positive cash impact from working capital, and free cash flow amounted to DKK564m in Q4 16 vs DKK168m in Q4 15).
A mixed bag with some positive developments
10 Nov 16
FLS reported a 20% decrease yoy in the Q3 16 order intake to DKK4,133m but this included +16% yoy rise in services to DKK2,647m (the highest order intake for the service activities since early 2014). The order intake still suffers from weak demand in minerals (-61%) and products (-9%). At the same time, revenue was up 4% in Q3 16 yoy to DKK4,774m thanks to +60% in cement, partly offset by weak minerals (-11%) and customer services (-7%). EBIT was about flat yoy at DKK243m, corresponding to a 5.1% margin (versus 5.3% in Q3 15). The free cash flow was strong at DKK701m versus DKK510m in Q3 15 leading to significant deleveraging. For FY16, the company still expects its revenue to be DKK17-18bn and that the EBITA margin will be 7-8%. However, the EBITA margin is likely to end up at the lower end of this range.
19 Aug 16
FLSmidth released its Q2 2016 with revenue down 19% to DKK4,135m. Gross profit followed the same trend reaching DKK1,078m. EBITDA decreased even further to DKK340m (-34% yoy) as well as EBIT reaching DKK177m (-45% yoy). Also, the net profit in Q2 reached DKK97m which is less than half what it was one year before. The good news comes from FCF which is positive again to DKK60m (-DKK105m one year earlier). However order intake has decreased to DKK4,345m (-17% yoy) and the order backlog decreases slightly (-6%) to DKK15,914m.
Mining project postponements weigh on Q1 16 revenues
19 May 16
FLSmidth reported a weak start to the year Main facts of the Q1 16 figures: • The order intake increased 19% to DKK5,281m (Q1 15: DKK4,440m). • The order backlog increased 6% to DKK15,792m (end 2015: DKK14,858m). • Revenue decreased 20% to DKK3,758m (Q1 15: DKK4,683m). • EBITA decreased 39% to DKK246m (Q1 15: DKK400m), corresponding to a margin of 6.5% (Q1 15: 8.5%). • Net profit decreased 73% to DKK73m (Q1 15: DKK272m), of which DKK-6m were related to discontinued activities (Q1 15: DKK76m). • Cash flow from operating activities amounted to DKK-60m (Q1 15: DKK-45m), of which DKK95m were related to continuing activities (Q1 15: DKK211m). • Net interest-bearing debt decreased to DKK-3,567m (end 2015: DKK-3,674m).
Not as bad as feared
12 Feb 16
FLSmidth reported FY15 revenue slightly above market expectations, while EBIT was in line and the net result was below expectations, impacted by financial expenses. Q4 15: * Revenues down by 6% yoy to DKK5,297m with organic growth down by 11% * Order intake down by 1% yoy to DKK3,691m * Gross margin at 23.7%, up from 22.5% at Q4 14 (adjusted gross margin at 24.9%) * EBITA down by 8%, reported at 7.2% including a DKK89m one-off (vs 7.4% in Q4 14) * Order backlog down by 16% FY15 * Order intake up by 7% to DKK18,490m * Revenue reached DKK19.7bn, a 4% decrease yoy * Net debt reduced by DKK0.9bn, at DKK3.7bn (proceeds from disposals of Cembrit) * ROCE at 10%, down from 12% * EBITA reached DKK1,582m (-13% yoy), margin at 8%, down from 8.9% * Free cash flow at DKK1.29bn, up from DKK700m * EPS at DKK8.6 from DKK16.4 last year * Dividend of DKK4 FY16 guidance: * Revenue DKK17-20bn * EBITA margin 7-9% * ROCE 8-10%
Q3 15 rather weak results and some perimeter adjustments
13 Nov 15
FLSmidth reported a rather weak Q3 15, and some perimeter adjustments: - Bulk material handling activities to be divested - reported as discontinued activities. - Cement O&M projects integrated into the Cement division. The company reported that market conditions in the minerals industry deteriorated markedly in Q3 15 and led to further capex cuts and continued downward pressure on commodity prices. The order intake increased 16% to DKK5,151m (Q3 14: DKK4,423m), as FX had a positive impact of 9%, the organic growth in orders was 7%, which is primarily explained by the receipt of large orders in Minerals and Product Companies, however this was counterbalanced by an organic order intake decline in Customer Services (-18%) and Cement (-19%). Revenue decreased 7% (-13% organically) to DKK4,609m and EBITA decreased 27% to DKK358m (corresponding to 7.8%) and leading to a net loss of DKK84m. FY15 guidance is technically adjusted with revenue now expected to be DKK19-20bn (previously DKK19-21bn; 2014: DKK20.5bn) and the EBITA margin should reach 7.5-8.5% (previously 7-8%; 2014: 8.9%).
21 Feb 17
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20 Feb 17
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N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
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