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 6 research reports from 1 professional analysts.
|19Dec16 07:48||GNW||FLSmidth receives cement plant order in Bolivia|
|09Nov16 11:34||GNW||Financial Calendar 2017|
|09Nov16 11:05||GNW||FLSmidth: Interim Report for FLSmidth & Co. A/S for 1 July-30 September 2016. FLSmidth is growing its service activities|
|08Nov16 04:59||GNW||FLSmidth wins prestigious R&D award for Rapid Oxidative Leach technology|
|07Nov16 05:00||GNW||FLSmidth to supply key pyroprocessing equipment to Chinese lithium plant in Australia|
|02Nov16 08:52||GNW||FLSmidth has signed a large cement contract in Iraq|
|21Oct16 05:00||GNW||FLSmidth enables China's cement producers to replace fossil fuels with growing mountains of household waste|
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FLSMIDTH & CO A S
FLSMIDTH & CO A S
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%).
Profit warning amidst poor outlook on mining demand
27 Aug 15
FLSmidth reported DKK5,381m in Q2 revenue corresponding to a 4% increase yoy (but -6% organically including -23% for minerals) while order intake grew 13% to DKK5,259m (of which +1% organic including +76% in cement and -14% in minerals and Customer services) while the backlog decreased 17%. The EBITA decreased 14% to DKK395m (versus Q2 14 DKK457m), corresponding to a margin of 7.3% (versus Q2 14 8.8%) including a -14.9% margin for minerals, +6.2% for Cement and +14.3% margin for Customer services. The net profit for the period was DKK212m, slightly below last year's level (DKK220m). The company reported that China's uncertainties and the fall in commodity prices led to further project postponements while some smaller miners at the high end of the cost curve were filing for bankruptcy protection. Demand for products and single equipment remained stable and related to productivity increases, modernisations, and replacements. At the other end, the cement market is showing signs of an early recovery, though on a global scale capacity utilisation rates remain low and new large orders for tenders remain few in number. The full-year EBITA margin guidance is lowered to 7-8% (versus 9-10%) to reflect business risks associated with a deteriorating market outlook for the mining industry and oil-exporting countries.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.