Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on METSO OYJ. We currently have 7 research reports from 1 professional analysts.
|23Mar17 15:30||GNW||Committees of Metso's Board of Directors|
|23Mar17 15:02||GNW||Decisions taken by Metso's Annual General Meeting 2017|
|22Mar17 09:16||GNW||Metso honored with Best Foreign Entrepreneur 2016 award in South Korea|
|15Mar17 09:01||GNW||Metso Digital Program set to accelerate business growth|
|10Mar17 13:50||GNW||Notification according to chapter 9, section 5 and 6 of the Securities Market Act: BlackRock Inc.'s holding in Metso|
|07Mar17 18:00||GNW||Metso launches industry-changing Metso MX crusher for minerals processing|
|02Mar17 12:00||GNW||Metso introduces a new digital service enabling data-driven operations and improved performance|
Frequency of research reports
Research reports on
Disappointing Q4 and cautious guidance for 2017
03 Feb 17
Metso reported its Q4 16 figures, which were disappointing and below market expectations. - Q4 orders received reached €672m (vs €758m in Q4 15), of which €442m (vs €441m in Q4 15) was services orders. - Revenue reached €676m (vs €754m in Q4 15), of which services accounted for €442m (vs €481m in Q4 15). - Adjusted EBITDA reached €64m, which represents 9.4% of sales (vs €91m, 12% in Q4 15). The drop in EBITDA is due to lower volumes, project overturn costs and warranty costs in Minerals. - The free cash flow has risen by 64% (€97m vs €59m in Q4 15). - Demand for aggregates equipment improved and demand for mining services stabilised during the quarter. A globally positive development in demand for equipment in the US, Northern Europe and India.
A summer report without relief
26 Oct 16
Metso reported Q3 16 figures; the main facts are: Orders received reached €628m, a -3% decrease yoy led by weak Flow Control demand (-21% yoy). The Q3 revenue was €638m, -6% versus Q3 15 including -5% for Minerals revenue and -10% for Flow Control’s revenues. Services accounted for €413m. Profitability was on track with expectations, as the EBITA margin reached 12.1% (versus 13.6% in Q3 15. The free cash flow was €106m (versus €117m in Q3 15). The market environment is unchanged and remains challenging. The company expects 2016 trading conditions to be weaker than in 2015. Some 2016 deliveries are to be postponed to 2017 due to current market conditions.
A light at the end of the tunnel
21 Jul 16
Metso reported its Q2 figures. Main facts: > Mining equipment orders increased by 6% yoy > Q2 orders received totalled €761m (€823m), of which €444m (€495m) were services orders. > Q2 net sales totalled €671m vs est. €681m (Q2 15 €756m), of which services accounted for €439m (€483m) > Q2 adjusted EBITA totalled €77m, or 11.5% of net sales (versus €94m, 12.4%) > Q2 operating profit reached €70m > Q2 free cash flow totalled €74m (€78m)
Strong execution not enough to offset falling demand
22 Apr 16
Q116 results, main facts: Metso reported orders at a low level in Q116: €663m (of which €433m for services) corresponding to a -10% yoy decline (-6% ex.fx) led by services (-15% y/y but -9% ex. fx). Revenue declined by 18% y/y (-14% ex.fx) and reached €601m led by the fall in Equipment revenue EBITA at €56m decreased by 28% y/y, corresponding to a 9.3% margin (versus 10.6% in Q115) leading to EPS of €0.18 (versus €0.25 in Q115) FCF reached €62m (vs €87m in Q115). Metso’s overall trading conditions in 2016 will be somewhat weaker compared to 2015. The company expects restructuring costs to be at the same level as in 2015 (previously: lower than 2015) and capex and net financial costs are expected to be lower than in 2015 (previously: at the same level).
Top line pressure set to continue in 2016
04 Feb 16
Q415 orders reached €758m (versus €721m excluding PAS) corresponding to a +5% increase, of which €440m (vs. €446m excluding PAS) were services orders (-1% yoy). Net sales were €754m (vs. €921 million ex. PAS), of which €481m in services (€525m ex. PAS). For the whole fiscal year, net sales decreased by 13% from €3,363m to €2,923m. These results are even worse if we erase all FX tailwinds the company benefited from during FY15. Without currency impact, net sales decreased by c.16% yoy. In Q415, EBITA before non-recurring items was €91m while margin was 12.0% (vs. €120m and 13% in Q414). On a yearly basis, orders decreased by 52% during Q4 in China (-22% for FY15). South and Central America orders decreased by 11% in Q4 and 7% in FY15 while orders in Asia-Pacific increased by 82% in Q4 and 14% in 2015. North America and Europe orders also increased: +5% for Q4 in North America (+3% FY15) and +12% in Europe (+0%). Finally, Africa and Middle East have seen their orders decrease by 33% during Q4 (25% for FY15). EPS was EUR2.95 in 2015 (€1.25 ex. PAS selling) versus €1.25 last year. The Board proposed a dividend of €1.05, in line with last year’s dividend. This represents a payout ratio of 84% (36% taking SAP cash inflow into account). The firm reaffirmed it will maintain its dividend policy, keeping a payout ratio above 50% of total EPS. The company decided for the first time not to give any numerical figures for FY16 guidance.
Profitability remains strong despite weak demand
23 Oct 15
Metso reported a mixed set of Q315 figures, as weak commodity prices continued to weigh on demand but the company managed to achive a strong level of profitability thanks to cost cutting measures and a favorable sales mix. Q315 order intake reached €647m (-11% yoy ex. PAS),of which €436m in services orders (67%) as low commodity prices continued to have a negative impact on the demand for capital equipment in the mining and oil & gas industries. Sales came in at €680m, a -16% yoy decrease, but profitability remainsed very strong with the EBITA at €92m, corresponding to a 13.6% margin (vs 12.4% in Q314). This good performance reflects the cost-cutting measures taken across the group, the high proportion of the services business in the sales mix leading the gross margin improvement while SG&A costs are continuously declining. As a result, EPS increased to €0.29 from €0.26, while free cash flow surged to €117m from €46m in Q314. The company confirmed its guidance of sales between €3.0 to 3.2 bn and an EBITA margin of between 12% and 13%.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
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.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017