Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VICAT. We currently have 6 research reports from 1 professional analysts.
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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%.
Disappointing half-year results but long-term prospects remain positive
06 Aug 15
Key information : • Net sales up 2.0% but lfl down 6.1% in H1 15. • EBITDA down 2.2% and lfl down by 10.1% in H1 15. • EBITDA margin at 16.3% in H1 15 vs 17.1% in H1 14. • EBIT decreased by 19.2% on a reported basis and by 25.4% on a lfl basis. • EBIT margin at 7.5% in H1 15 vs 9.5% in H1 14. • Net income at €43m in H1 15 vs €56m in H1 14.
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 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
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