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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.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
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)