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.
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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.
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.