Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMERYS SA. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
All lights are green for further share price appreciation
16 Feb 17
Key information: • + 1.9% increase in revenue on a reported basis. • Higher organic growth in Q4: + 1.4% vs. – 1.4% for the year. • -2.1% volume effect and +0.7% price/mix effect for the FY16. • Growth of 9.9% in current EBITDA, 3.6% above consensus. • Growth of 8.2% in current operating income. • Operating margin at 14.0% vs 13.2% in 2015. • Growth target achieved for net income from current operations: + 6.0%, 3.7% above consensus. • Strong generation of current free operating cash flow of €395m. • Proposal to increase the dividend further to €1.87 per share.
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.
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
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.