Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEIDELBERGCEMENT AG. We currently have 10 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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%.
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.
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)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced