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Bekaert published Q3 23 revenues which missed street forecasts as the slump in volume came in worse-than-expected. Consolidated sales declined by 8% sequentially, when consensus was expecting a c. +5% rebound. Bekaert finally issued a quantitative FY23 guidance, calling for a 7% cut to our top line expectation. Our 8.6% underlying EBIT forecast met the freshly issued FY23 target. The first comments on the FY24 perspectives lacked optimism. We expect the 7 December CMD to be focused on growth dri
Companies: NV Bekaert (BEKB:EBR)Bekaert SA (BEKB:BRU)
AlphaValue
Bekaert reported FY22 results in line with the guidance, underlined by better-than-expected FCF generation stemming from well-managed WC. The return to shareholders looks attractive with a yield at 8.8% based on €90m of dividend payments and the unexpected €120m of buyback (again). Given the health of Bekaert’s balance sheet, this return could have been higher but external growth remains a priority. The FY23 performance will depend on the rebound of the Chinese market. “New Bekaert” appears to b
Bekaert’s Q3 trading update came in with a strong price effect, yet decreasing sequentially on tougher comps, and plunging volumes on par with the performance in H1 22. The company finally issued a guidance for FY22, topping our expectation on top-line growth but slightly falling short of our adjusted EBIT forecast. The company also confirmed its mid-term targets, which point to structural improvements and decreased cyclicality. 2023 is likely to be a good stress test.
Bekaert’s Q1 trading update was above expectations on the back of a huge price effect offsetting the weak volumes especially in China. Despite the split between price mix and pass-through pricing being unknown, this once again confirmed the company’s good pricing power coupled with the positive trend in the ongoing portfolio rotation. The initial comments on the FY22 outlook call for an increase in our top line and EBIT expectations. Chinese lockdowns remain the key uncertainty.
Bekaert reported a guidance-beating set of FY21 results on the back of revenue growth combining a +9% volume effect and a +19% price effect. Despite the seasonally lower profitability in H2 and cost headwinds, the company comfortably met its outlook, with underlying EBIT landing 50bps ahead of the AV estimate. The absence of guidance for FY22 reflects the high uncertainty on the market environment although the management has reiterated its mid-term outlook as a sign of confidence. A €120m buybac
Bekaert posted record H1 21 on every line. With a positive alignment of the volume rebound, skyrocketing raw material prices, and improving price/mix, the underlying EBIT margin landed at 12.4%. Management has started to weigh up M&A options to use the rapidly growing cash pile. Mid-term outlook was upgraded only two months after Bekaert’s CMD.
Having postponed the date from last March to give the new CEO time to settle in, Bekaert finally held its CMD with an expected upgrade to FY21 guidance, and a mid-term outlook in radical continuation of its current strategy. The main limitations remain the uncertainties about raw material headwinds which could lead to sticky margins on the worst-case scenario. Uncertainty also surrounds M&A targets and the magnitude of cost reductions, while the most recent track record calls for management effe
Bekaert posted strong results in every respect. Despite FY20 consolidated sales down by 13% yoy, profitability and cash generation came in at record levels (FY20: underlying EBITDA margin of 12%, FCF up by 8% yoy) and paved the way for a massive deleveraging (net debt down 40% yoy). The company’s new CEO shows confidence looking into 2021.
Q3 20 trading update: the top line was pushed by tyre demand while the margin outlook exceeded expectations. Consolidated sales recovered +24% qoq, while FX acted as a brake. Management resumed FY20 guidance, expecting the underlying EBIT margin to rise despite sales down yoy. As a result, the net debt/underlying EBITDA ratio should end the year below 2.0x.
Companies: Bekaert SA
Bekaert posted a 20.2% yoy revenue contraction, mainly affected by its 42.2% exposure to the tyre & automotive sector (-29.1% yoy) and 18.9% exposure to the Construction sector (-28.8% yoy). Limiting this contraction, the basic materials and energy & utilities sectors grew by 33.4% yoy and 10.6% yoy, respectively. This translated into a €87m EBIT (benefiting from lower overhead costs, temporary plant shutdowns, and an increased focus on higher margin activities). As of now, the company has not g
FY19 results show negligible revenue growth and double-digit growth in the underlying EBIT margin. Rubber Reinforcement, Speciality businesses, and BBRG have done well, while Steel Wire weighed. Additionally, the company achieved significant deleveraging. Bekaert aims to improve its profitability progressively during 2020-21 to achieve a 7% underlying EBIT margin.
The Q3 19 top-line growth remains decent However, the tyre business is seen as slowing in Q4 We will downgrade our forecasts for FY19 and going forward
H1 19 results show a decent level of growth with improved margins Rubber Reinforcement and BBRG have done quite well, while Steel Wire and Speciality Businesses weighed The outlook, albeit vague, suggests a slowdown in H2 We will fine-tune our numbers, with no big change to be expected though
- Q1 19 revenues sound, despite a favourable comparison basis - Steel wire market is still under pressure - Tyre and construction markets are doing well - No change to our numbers on the release
In a short trading update, Bekaert reported first nine months consolidated sales of €3,227m, up +5%, while organic growth was +10%, led by volumes (+3%) but mainly price increases and a favourable mix (+7%). In Q3, volume growth moderated to +1.4% yoy as strong demand from the automotive and construction markets were partly offset by weaker industrial steel wire markets, reflecting the impact of rising trade tensions in the global economy. The aggregate effect of passed-on wire rod price incre
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bekaert SA. We currently have 0 research reports from 2 professional analysts.
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
WHIreland
Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren
Companies: Trinity Exploration & Production Plc
Cavendish
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
Companies: BILN ELCO NXQ CUSN ATG
• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a
Companies: Valeura Energy Inc.
Auctus Advisors
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.
Companies: Diversified Energy Company PLC
Dowgate Capital
Companies: 88E RNO TRIN KRM EXR BOOM
Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which
Companies: HHR TXP LBE CHAR
Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.
Companies: Union Jack Oil Plc
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be
Companies: Clean Power Hydrogen PLC
Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,
Companies: Pharos Energy PLC
Progressive Equity Research
Shore Capital
Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.
Companies: Hunting PLC
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