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.
Frequency of research reports
Research reports on
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.