Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMERYS SA. We currently have 6 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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.
Mixed results when excluding currency and scope effect
31 Jul 15
Key information : • Revenue up 11.9% and down 3.9% lfl. • Volume was down 5.3%. • Operating margin stands at 13.3%. • Net income increased by 10.4%. • Shareholders' equity is up 27.1% compared to H1 14. • Net financial debt increased to c.€1.5bn from €0.9bn in H1 14.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.