Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEIDELBERGCEMENT AG. We currently have 11 research reports from 1 professional analysts.
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Still not earning its cost of capital! Poor organic growth excluding synergies…
17 Mar 17
Key information (on a reported basis): • Revenue rose by 13% to €15.2bn, a 2% decrease on a lfl basis. • Results from current operations increased by 7% and by 3% lfl. • EPS, adjusted for non-recurring effects, increased by 23% to €5.34, according to management. In comparison, Bloomberg’s EPS is €4.60. • Cash flow from operations rose by 29% to €1.9bn (reported basis). • Dividend proposed: €1.60 per share (+23%). • Rated investment grade by S&P, Moody’s, and Fitch.
Weak Q4! FY organic growth driven by synergies?
17 Feb 17
Key information (FY figures): • Group revenue down by 2% lfl and up 13% on a reported basis. • Operating income before depreciation up by 2% lfl to €2.9bn, up 13% on a reported basis. • OIBD margin stable at 19.4%. • Operating income up by 3% lfl up 7% on a reported basis. • Operating margin down by 60bp to 13.1% due to the consolidation of Italcementi. • Cement and aggregates volumes up 3%. • Net debt below €9bn.
Disappointing quarter, not earning cost of capital, Indonesia and net debt!
10 Nov 16
Key information: • Pro forma revenue stable at -0.2% in Q3 and +0.6% on a lfl basis. • Pro forma EBITDA up by 1.3% in Q3 and 1.9% on a lfl basis. • Pro forma operating income up by 3.1% in Q3 and 4.3% on a lfl basis. • Pro forma cement volumes up by 5%. • Pro forma aggregates volumes up by 1%. • Pro forma ready-mixed concrete volumes up by 2%.
Indonesia worrying deterioration of margin
01 Aug 16
Key information (Q2 16 figures): • Group revenue decreased by 1.7% and up by 0.6% lfl. • EBITDA up by 5.2% and by 8.5% lfl. • Operating income rose by 8% on a reported basis and 11% lfl. • Net income increased by 19% in Q2. • Q2 adjusted EPS is 10% above consensus. • Increased sales volumes and margins improvement in all business lines. • Cement sales volumes up by 2%, aggregates up by 3%, ready-mixed concrete by 4% and asphalt by 4%%. • Cash flow from operating activities up by €117m in Q2. • Net debt reduced by 6% compared to Q2 15. • Leverage fell from 2.6x to 2.2x within the targeted range of 1.5x to 2.5x. • Guidance: Moderate rise in revenue (lfl) and moderate to significant increase in operating income (lfl) and profit (adjusted for non-recurring effects) for FY2016.
Disappointing selling price for CCB
25 Jul 16
HeidelbergCement, through its subsidiary Ciments Français, entered into an agreement with Aalborg Portland Holding A/S, a subsidiary indirectly 100% controlled by Cementir Holding, to sell operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges (CCB). The disposal was required by the European Commission in order to address competition concerns caused by the Italcementi acquisition. The agreement is subject to the approval of the European Commission. HeidelbergCement expects the transaction to close in the second half of 2016.
Not so good without North America
05 May 16
Key information: • Revenue stable at €2.8bn. • Operating income improved by 34.9% on a lfl basis. • Margin improvement in all divisions. • Net income attributable to the group at €-72m vs €-123m in Q1 15. • Net debt slightly reduced from €6.1bn to €5.9bn. • Guidance for 2016 raised. • Cement volumes increased by 4.5%. • Aggregates volumes increased by 6.5%. • Ready-mixed concrete volumes rose by 1.3%. • Asphalt volumes fell by 11.9%.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
Panmure Morning Note 26-04-2017
26 Apr 17
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Profit improvement impacted by dollar
04 Apr 17
Sprue’s 2016 adj. PBT was slightly better than anticipated at £2.3m on £57.1m of sales. With battery warranty issue worries abating we believe sales in Europe will increase in 2017. While we have made no significant changes to our sales forecasts, the dollar strength has led to reduced profit forecasts for 2017 and 2018 (despite the net benefit from Newell Brands ending its agreements from 31 March 2018). However, with the strong balance sheet and dividend yield and profit growth to come, we retain our 250p target price and Buy rating.
N+1 Singer - Trifast - FY17 results ahead of expectations
20 Apr 17
Trifast has provided a positive year end trading update, with good performances across all geographies. Results for FY17 are guided to be ahead of expectations, with year end net debt also lower than previously expected. FY18 has also started well, although management has reiterated slight caution regarding margins due to rising input costs. We anticipate increasing our PBT forecasts by a mid-single digit percentage, and also reducing our net debt estimates. We remain positive on prospects for Trifast and expect the share price to respond positively today.