Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOURBON SA. We currently have 11 research reports from 1 professional analysts.
|16Mar17 06:02||GNW||BOURBON: Full Year 2016|
|08Mar17 06:00||GNW||BOURBON announces a substainable reorganization of the major part of its financial debt|
|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|
Frequency of research reports
Research reports on
Dividend reduction (from €1.00 to €0.25 per share)
16 Mar 17
The H2 16 adjusted EBITDAR was €154m (-40% yoy), slightly below consensus estimates. The net loss was €175m, missing expectations. The debt restructuring (“Stronger for longer” plan) announced on 8 March is subject to conditions to be fulfilled no later than 15 July 2017. These include: - the repayment of an advance (€37m) granted to JACCAR Holdings when the holding was trying to let Bourbon buy its gas shipping business (in spring 2016); - arrangement of new funding of up to €240m over the period 2017-19. Dividend of €0.25 per share (cash or shares). Outlook 2017: - gradual recovery in maintenance operations, with higher utilisation rates in Subsea and Crewboats; - Deep and Shallow water should continue to suffer in 2017.
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.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
24 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.35: YE26 Reserves | Faroe Petroleum (FPM LN)6; Hold, £1.10 & Maersk Oil (not covered): Tyra field facilities redevelopment in the North Sea to extend Trym field production | SDX Energy (SDX LN/CN)1; BUY, £0.65: FY16 Results
Share & share alike
29 Mar 17
In a key week in a number of respects, some of the optimism that buoyed up markets has dissipated. In the UK, inflation istrending higher and above wage growth, putting pressure on the consumer although retail sales show contrasting signs. Corporate action continues apace. Yesterday there were more than fifty company results – all appear to be at least as expected. We now face a prolonged period of pre-Brexit bargaining. In Share News & Views we have covered Cropper (James)*, ECSC*, Gamma Communications, Goodwin*, Helios*, Manx Telecom, Personal Group and Quarto Group.-