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.
Panmure Morning Note 30-11-2016
30 Nov 16
RPC, the international plastics products design and engineering group, has delivered yet another strong set of results (1H17 EBITDA +65%, EPS +45%). At the interim stage PBT was +66% (materially better than we had forecast). Topline growth has principally being driven by acquisitions (GCS + BPI), though organic remains a feature (and crucially remains at levels consistent with FY16). The two recent acquisitions have quickly been assimilated into the panEuropean platform and management has raised cost synergy guidance (again).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)