Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOURBON SA. We currently have 9 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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).
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
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
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.