Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THYSSENKRUPP AG. We currently have 14 research reports from 1 professional analysts.
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Steel Americas sold for €1.5bn and a loss of €0.9bn
22 Feb 17
The Brazilian steel mill will be sold to Ternium, a Buenos Aires based company with extensive steel activities in Middle (primarily in Mexico) and South America (primarily Argentina). Some of the production facilities are majority-owned with Nippon Steel being the minority partner. The transaction is expected to receive all necessary approvals before 30 September 2017.
Hardly visible profit recovery in Q1 16/17
09 Feb 17
The group showed 1.5% order inflow growth to slightly less than €10bn and revenue growth of 5.6% to just above €10bn. Stated EBIT improved by 25% to €240m, but the bottom line turned around from a loss of €23m to an invisible profit of €8m. Cash from operations, based on management’s definition, was a negative €1.45bn, the highest negative cash flow number since the beginning of the current century.
Currency movements help stabilise 2015/16 profits
24 Nov 16
The group’s order inflow fell by 9.4% to €37.4bn in the last fiscal year (-9.7% in Q4) while revenue decreased by 8.2% to €39.3bn (-5.3% in Q4). At the same time, EBITDA was unchanged at €2.45bn and EBIT was up by 13% to €1.19bn. However, ‘adjusted’ EBIT fell by 12% to €1.47bn and net profit by 4.2% to €296m. Compared to our expectations, the final numbers were rather mixed. While revenue fell some €500m short, operating earnings were higher but net earnings lower than what we had projected as both net financing costs and tax charges were higher.
No stabilisation, not to mention improvement in sight
11 Aug 16
In Q3 15/16, order inflow, revenue, profit, and shareholders’ funds have all continued to head south while pension provisions again headed north. The group’s order inflow was down by 12% to €9.4bn (-9.3% to €28.2bn ytd), revenue by 12% to €9.87bn (-9.2% to €29.3bn), EBITDA by 15.7% to €666m (-15.5% to €1.74bn), and shareholders’ funds by another €476m to €2.22bn (-€961m since the beginning of the current fiscal year). At the same time, pension provisions increased by another €401m to more than €8.5bn (+€858m since September 2015) and net debt rose by €1.36bn during the first nine months. Whereas EBITDA is only €37m below our projection, the other numbers are clearly lower.
Dismal H1 numbers and poor outlook for full year
10 May 16
Order inflow fell by a good 8% to €18.8bn and revenue by slightly less than 8% to €19.4bn. EBITDA was down by 15% to €1.07bn while (stated) EBIT fell by 1% to €474m. Net profit after minorities collapsed by 62% to €37m. Revenue is clearly lower than our projected €20.35bn but EBITDA came in almost as expected (€1.05bn). However, our net profit forecast was €124m, i.e. the final result is considerably lower.
ThyssenKrupp buys Vale’s minority stake in Steel Americas back
05 Apr 16
The purchase price for this 26.87% stake is a symbolic one. In addition, Vale receives a debtor warrant if ThyssenKrupp finds a buyer for the entire operation. According to ThyssenKrupp, this transaction will not result in any revaluation of its stake. We wonder why this deal does not result in an impairment charge. All existing contracts between the two companies (e.g. for the delivery of iron ore) will be renegotiated.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.