Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GAZTRANSPORT ET TECHNIGA SA. We currently have 4 research reports from 1 professional analysts.
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GAZTRANSPORT ET TECHNIGA SA
GAZTRANSPORT ET TECHNIGA SA
Seeking opportunities in LNG as a fuel
24 Feb 17
Q4 revenues were at €59m (-13% yoy), slightly below consensus expectations (at €64m) and guidance. GTT received three new orders during Q4 (five for the full year), including the first order involving Mark V technology, with Samsung Heavy Industries for Gaslog. The order book stands now at 96 units. The EBIT margin 2016 came in at 59.8% and the net margin at 50.8%; flattish from the previous year. The guidance for 2017 has been released for the first time: - Revenue at c. €225-240m; - Net margin above 50%; - Dividend for 2017 at least at the level of 2015 and 2016 (€2.66 per share).
Revenue 2016 guidance cut to c. €240m
22 Jul 16
Q2 revenues were €46m (H1 +11.4% yoy; royalties +15.2% and services -32.2% due to the base effect). GTT received two new orders during the quarter (none in Q1) and the order book now stands at 107 units. The EBIT margin came in at 61.7% and the net margin at 51.8%; both were stable. Guidance has been changed: - Revenue 2016 at c. €240m vs. previous growth of at least 10% (i.e. >€250m); - Net margin 2016 above 50%, confirmed; - Dividend for 2016 and 2017 at least at the level of 2015 (€2.66 per share), confirmed.
Guidance 2016 confirmed, no new orders during Q1 16
13 Apr 16
Q1 revenues were €59m (+7.1% yoy), of which €55m from royalties (+9.4% yoy) and €3m from services (-22% yoy, as the contribution in Q1 15 was particularly high). The company didn’t receive any new orders during the quarter. Guidance is confirmed: - revenue 2016 growth of at least 10% (i.e. >€250m); - net margin above 50%; - dividend for 2016 and 2017 at least at the level proposed for 2015 (€2.66 per share).
Initiating coverage of GTT.
22 Feb 16
GTT (market cap: €951m) is the global leader in the field of LNG containment systems. GTT derives around >90% of its revenues from royalty fees paid by clients using its technology in LNG projects, mainly carriers (LNGC and VLEC), accounting for c. 80% of the company’s revenues. We initiate coverage with an ADD recommendation and 12% upside. GTT’s business model, based on intellectual property, underlies a virtually infinite ROCE and 52% net margin in 2015. While the return and margins are a result of entry barriers and pricing moat, the main concern relates to the LNG fleet investment cycle, as the order book may have peaked. GTT is likely to go through to a down-cycle which would see a contraction in order intake over the next three years. At a low, the company could become an LBO target for a buyer attracted by an option on the LNG capacity cycle, which itself is linked to LNG prices.
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.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume