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Research Tree provides access to ongoing research coverage, media content and regulatory news on THYSSENKRUPP AG. We currently have 12 research reports from 1 professional analysts.
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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.
Another disaster will hopefully be avoided by ThyssenKrupp
01 Apr 16
Media speculations (Rheinische Post) suggest that negotiations between Tata Steel and ThyssenKrupp are well advanced. Tata is desperately trying to find a buyer for its British steel activities (what about the Dutch operations?) and ThyssenKrupp seems to be willing to make another mistake (after its unfortunate Brazilian venture). These British steel activities have one advantage to the Brazilian operation: they have clients whereas Steel Brazil was constructed without having any clients.
All Q1 numbers headed south
12 Feb 16
The group’s Q1 EBITDA and net profit numbers are the third lowest generated in the current century with net profit again in the red. All the numbers are worse than we had expected. Order inflow was down by 3% to €9.81bn and revenue fell by 5% to €9.5bn. This resulted in a 15% EBITDA fall to €489m and net earnings turned around from a profit of €50m to a loss of €23m. Management’s ‘adjusted’ EBIT also fell by 16% to €234m (stated EBIT fell by 31% to €193m). Both EBIT numbers are lower than our ‘unadjusted’ EBIT projection of €250m.
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).
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)
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.