Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VICAT. We currently have 7 research reports from 1 professional analysts.
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Strong cash flow generation; attractive FCF yield for the best capital allocator!
28 Feb 17
Key information: • Revenue increase by 4.1% on a lfl basis and -0.2% on a reported basis. • EBITDA rose by 8.0% on a lfl basis and +3.2% on a reported basis. • EBITDA margin increased by 60bp to 18.7%. • EBIT grew by 9.6% on a lfl basis and by 5.0% on a reported basis. • EBIT margin increase by 50bp to 10.5%. • Consolidated net income increase by 25.3% on a lfl basis and by 18.1% on a reported basis. • Net margin increase by 100bp to 6.7%. • Dividend was stable at €1.50 per share. • Gearing (net debt-to-equity ratio) was 36.9% as opposed to 40.3% (adjusted) at 31 December 2015. • The group’s financial leverage ratio (net debt/EBITDA) came to 1.99x, down from 2.27x at 31 December 2015 (adjusted).
Vicat: Spurious warning on guidance, Q4 outlook not promising but still undervalued!
08 Nov 16
Key information (9m figures): • Deceleration of organic growth at +3.4% over 9m vs +4.3% in H1. • Q3 organic growth of only 1.7%. • On a reported basis (-0.9%), the negative impact of currency effects was particularly strong.
India disappoints on pricing, France's volume expected to be stable in FY
05 Aug 16
Key information: • Revenue declined by 0.4% but increased by 4.3% lfl. • EBITDA reported of €208m, namely a mere 2.3% growth but 7.7% growth lfl. • EBITDA margin increased by 50bp to 16.8%. • EBIT grew by 11.2% and by 16.5% lfl. • EBIT margin increased from 7.5% in H1 15 to 8.4% in H1 16. • Net income of €49m in H1 16 vs €34m in H1 16, namely a 45.7% growth and 50.7% growth lfl. • Cash flow increased by 9.2% and 15.0% lfl. • Low energy costs was a catalyst for EBITDA. • France is expected to be stable in FY. • US performance improved strongly but remains below peers. • India disappoints on pricing. • Net debt/EBITDA ratio from 2.7x in H1 15 to 2.3x in H1 16.
Strong performance due to mild weather
29 Apr 16
Key information: • Revenue up by 6.5% on a lfl basis and by 3.3% on a reported basis. • All divisions grew significantly on a lfl basis. • France grew by 8.9% on a lfl basis. • The US grew by 7.1% on a lfl basis. • Revenue reported beats consensus by 4%. • Cement volumes up 13.8%. • Concrete volumes up 9.8%. • Aggregates volumes up 15.2%. • Cement prices down on a yoy basis but slightly up on a sequential basis. • Only the US registered a cement price increase on a yoy basis.
France stabilising, US should continue to recover and ongoing recovery in India
16 Mar 16
Key information: • Sales up by 1.5% to €2,458m, down by 4.4% on a lfl basis. • EBITDA up 1.5% to €448m, down 4.3% on a lfl basis. • EBITDA margin stable at 18.2% compared to 2014. • EBIT down by 4.8% to €250m, down by 10.4% on a lfl basis. • Net income attributable down by 5.4% to €121m, down 11% on a lfl basis. • Net income attributable is below our estimate by 4% but 7% below consensus. • Cash flow up by 8% to €346m, up 2% on a lfl basis. • Proposed dividend remains unchanged at €1.50. • Cement volumes down by 3.6%. • Concrete volumes up by 3.2%. • Aggregates volumes down by 1.3%.
Revenue figures in line with H1 figures
04 Nov 15
Key information : • 9m revenue at €1,883m up 1.9% on a reported basis but down 5.3% on a lfl basis. • 9m sales in France down 9.6%. • 9m sales in the US up 41.5% on a reported basis and 16.3% on a lfl basis. • Cement volumes down 4.4% over the 9m period, namely a slight improvement compared to the H1 figures of -6.6%.
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 - 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.