Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEIDELBERGCEMENT AG. We currently have 9 research reports from 1 professional analysts.
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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%.
Record results in 2015; downside risk stemming from China
21 Mar 16
Key information: • Revenue rose by 7% to €13.5bn. • Operating income up 16% to €1.8bn. • Net income attributable rose by 65% to €800m. • Dividend proposed at €1.30 per share in line with our forecast. • Dividend is increased by more than 70%. • 2015 was the best year for Heidelbergcement since the financial crisis. • The company earned in 2015 more than its cost of capital. • Net debt significantly reduced from €7bn at end of 2014 to €5.3bn at end of 2015.
Best year since the financial crisis, synergies increase again
22 Feb 16
h2. Key information : • Revenue increased by 6.7% to €13.5bn and was stable on a lfl basis. • Cement volume down by 0.9%. • Operating income before depreciation (OIBD) increased by 14% to €2.6bn and up 8% on a lfl basis. • OIBD margin improved by 130bp to 19.4%. • Net debt pre-Italcementi acquisition at €5.3bn, namely a net debt/EBITDA ratio of c.2x. • Synergy target increased at €400m. • Refinancing need below €2bn.
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
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.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.