Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMERYS SA. We currently have 7 research reports from 1 professional analysts.
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Another value-enhancing acquisition for Imerys
12 Dec 16
Less than two years after S&B’s acquisition, Imerys has acquired Kerneos from the private equity group Astorg. Through this, Imerys will enhance its speciality offering and expects to improve its growth and profitability profile. Thanks to its expertise in calcium aluminate technologies, Kerneos develops performance binders that contribute key properties to its customers’ products, notably cement.
Imerys deserves to trade at high multiple/sound performance in a challenging market
31 Oct 16
Key information (9m figures): • Revenue increased by 1.4% thanks to a positive scope effect of 4.4% and price mix effect of +0.7% despite a volume effect of -3.0% and a negative forex effect of 0.7%. • As a consequence, revenue decreased by 2.3% on a lfl basis. • Current operating income up by 8.0%. • Operating margin up by 80bp to 14.1%. • Net income from current operations up by 5.6%. • Confirmation of 2016 outlook for growth in net income from current operations comparable to 1st half.
25% increase in free cash flow
28 Jul 16
Key information: • Revenue reported increased by +1.9% but organic growth was -2.2%. Volume effect -3%, price/mix effect +0.8%, scope effect +5.4%, forex effect -1.3%. • Current operating income increased by +6.9%. Volume effect -8.4%, price/mix effect +5.8%, Scope effect +4.4%, FX effect +6.2%, variable costs +4.7%, fixed costs -2.2%, other -3.6%. Implying a lfl growth of -3.7%. • Operating margin up by 70bp to +14%. • Net income from current operations increased by +5.2%. • Net income increased by +8.8%. • Free cash flow up by +25%. • Net debt/EBITDA down from 2.1x in H1 15 to 1.8x in H1 16.
Postive price/mix effect despite declining volumes underlines the strength of the business model
29 Apr 16
Key information: • +6.6%¨growth in revenue but -1.8% on a lfl basis. • Scope effect of +8.8% mainly due to the acquisition of S&B. • Volume effect of -2.6% mainly due to the steel and proppants markets in the US. • As usual, positive price/mix effect of +0.8%. • Current operating income increased by 9.9%. • Operating margin improved by 30bp to 13.0%. • Net income from current operations increased by 5.8%. • Difficulties in the proppants and steel sector weighed on performance. • Possible upturn in the French construction market.
Strength of the business model confirmed!
12 Feb 16
h1. Key information : • Reported revenue increased by 10.8%: scope effect was +9.5%, FX effect was +5.9%. • lfl revenue was down by 4.6%: the volume effect was -5.9% and the price/mix effect was +1.3%. • Current operating income grew by 8.8%. • Operating margin at 13.2% vs 13.4% in FY2014. • Net income from current operations up 8.0%. • €209m impairment charge in the Oilfield solutions division. • Net income at €68.4m vs €271.6m in 2014. • Strong current free operating cash flow at €342.5m up 40%. • Dividend proposed at €1.75 vs €1.65 in 2014 and vs our estimate of €1.80. • Net financial debt at €1,480m vs €870m at the end of 2014, mainly due to the acquisition of S&B. • Positive contribution from S&B and execution of synergies in line with objectives.
Volume down, concentrating on margin
30 Oct 15
Key information : • 9m revenue at €3,084.5m, up by 10.9%, but decreased by 4.4% on a lfl basis. • Operating margin at 13.3% in the 9m period vs 13.5% in 9m 2014. • Net income from current operations up 8.7% to €260m. • Net debt close to €1.6bn compared to €870m as of December 2014.
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.
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.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.