Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOURBON SA. We currently have 10 research reports from 1 professional analysts.
|09Feb17 06:02||GNW||BOURBON: Annual & 4th Quarter 2016 Revenues|
|15Dec16 06:02||GNW||BOURBON: Appointment of Astrid de Bréon as Chief Financial Officer|
|03Nov16 06:01||GNW||BOURBON: Financial information Q3 and 9 months 2016|
|08Sep16 06:00||GNW||BOURBON: 1st Half 2016 Results|
|03Aug16 06:00||GNW||BOURBON: 2nd Quarter and 1st Half 2016 Revenues|
|27May16 06:53||GNW||BOURBON: 2016 Combined Annual Shareholders' Meeting|
|17May16 06:00||GNW||BOURBON: Decision related to BOURBON's proposed investment in the gas sector|
Frequency of research reports
Research reports on
Maintenance to give some support to Subsea and Crewboats
09 Feb 17
Q4 adjusted revenues came in at €244m (-28% yoy, -6% qoq), below consensus expectations but broadly in line with our estimates. Outlook 2017: gradual recovery in maintenance operations. Higher utilisation rates in Subsea and Crewboats, while Deep and Shallow water should continue to suffer during the first quarters of 2017.
Q3 prices stable qoq, but lower utilisation
03 Nov 16
Q3 adjusted revenues were €259m (-25% yoy), missing consensus expectations. Outlook 2017: clients increasing maintenance operations and starting projects to expand facilities. H1: Deep and Shallow water still weak; Subsea and Crewboats should benefit from a pick-up in maintenance activity.
Stable H1 16 EBITDAR margin but greater than expected net loss
08 Sep 16
Adjusted EBITDAR fell to €229m in H1 16 (-21% yoy, slightly above consensus estimates), but the margin was stable, at 38.2%, as direct costs decreased by 22.4% (lower vessel costs and G&A offset the higher expense for stacked vessels). However, consensus underestimated depreciation & amortisation, which came in at €157m (vs. estimates of €114m; we estimated €149m) resulting in an EBIT loss of €28m (vs. consensus profit at €13m; AlphaValue €13m loss). Higher taxes and finance costs than consensus expected resulted in a €104m net loss (vs. -€19m in H1 15). Guidance 2016 confirmed: - Adjusted revenues reduction in the same order of magnitude as H1 16 (vs. moderately lower vs. 2015); - Slight decrease in the EBITDAR margin; - Positive FCF in H2.
Q2 revenues below consensus; management sees a bottom in Q3 16
03 Aug 16
Q2 revenues were €265m (reported, -23% yoy), below consensus expectations at €286m. Guidance 2016: - Adjusted revenue reduction in the same order of magnitude as H1 16 (vs. moderately lower vs. 2015); - Slight decrease in the EBITDAR margin.
Bourbon beyond Bourbon (and its minority shareholders?)
30 Mar 16
Bourbon announced that it is buying Jaccar’s (Bourbon’s majority shareholder) companies specialising in ethane gas shipping (notably Greenship Gas). Greenship Gas owns 17 vessels (o/w 13 currently in service) and has a >50% market share in ethane transportation. Bourbon will pay $320m (o/w $100m seller’s credit, $220m bridging loan). It plans a sale-and-lease-back of 80% of the fleet ownership to refund the bridging loan. At the AGM on 26 May 2016: - The ethane business transaction will be submitted to shareholders; - Bourbon SA will change its name to Bourbon Corporation; - Jacques de Chateauxvieux will be appointed as the Chairman and CEO.
Sees demand bottoming out in 2016: we expect a decline into 2017
10 Mar 16
In H2 15, the adjusted EBITDAR (excluding capital gains) came in at €257m (-7.9% yoy), a 37.9% margin (vs. 37.2% in H2 14), above consensus estimates. The net loss was €57m (vs. €79m net profit in H2 14), broadly in line with consensus. The net debt was €1.4bn (vs. consensus at €1.3bn), a slight yoy increase. The company plans to continue paying its €1.00 dividend. Guidance 2016: - Adjusted revenues moderately lower vs. 2015; - Adjusted EBITDAR margin to decline slightly; - Higher FCF (€90m in 2015). Management expects a low in demand during 2016, with a slight rebound in H2 (maintaining production).
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.