Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GEA GROUP AG. We currently have 12 research reports from 1 professional analysts.
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GEA GROUP AG
GEA GROUP AG
Poor earnings but share buy-back announced
07 Feb 17
GEA released preliminary 2016 order inflow and revenue numbers and ‘adjusted’ EBITDA and EBIT numbers. Final accounts are due out on 10 March. Order inflow was down by 1.7% to €1.22bn in Q4 but up by 1.8% to €4.67bn in the full year. The respective revenue numbers were -3.2% to €1.29bn and -2.3% to €4.49bn. Management’s ‘operating’ EBITDA and EBIT numbers also fell faster in the last quarter than before. EBITDA was down by 11% to €215m in Q4 and by 9% to €566m in the full year. The respective EBIT numbers were -11% to €194m and -10% to €485m.
Final 9M earnings clearly below our already cautious view
28 Oct 16
Management had given a profit warning on 20 October. At that time, we had believed that the company’s numbers would be about in line with our cautious view. This assumption was too optimistic. Whereas 9M revenue of €3.2bn (-2.0%) was just above our projected €3.17bn, pre-tax (€200m) and net earnings (€157m) were clearly below our €223m and €177m.
Management blames clients for the profit warning
20 Oct 16
Instead of a moderate full-year revenue increase, management now expects sales to fall slightly. Management’s ‘operating EBITDA’ is now projected at €570m (including some €10m from the first-time consolidation of Imaforni) instead of the previously given range of €645-715m (excluding the Imaroni effect). The 2015 number was €621m.
Headline numbers improve in Q2
28 Jul 16
GEA had a very weak Q2 15 and, based on these low numbers, order inflow increased by 6.4% to €1.22bn (+4.0% to €2.37bn in H1) while the respective revenue numbers were +0.5% to €1.16bn and -2.7% to €2.1bn. The book-to-bill ratio of 1.13 for H1 is a very good number compared to previous H1 numbers. At a glance, the profit numbers are superb. H1 EBIT improved from €47m in 2015 to €167m and net earnings from €19m to €117m.
Dismal Q1 revenue and profit numbers
09 May 16
We had expected GEA’s Q1 revenue and profit numbers to be down, but we had not expected profits to collapse. While order inflow was up by 1% to €1.14bn, sales fell by 6.5% to €941m. EBIT was down by 13% to €59m, pre-tax earnings fell by 24% to €42m, and net profit by 15% to €34m. In addition, negative cash from operations (based on management’s definition) increased by 20% to -€85m.
Order inflow growth moderated to +1.5% in Q1 16
20 Apr 16
GEA will release its Q1 accounts on 9 May, but it has given the order inflow number for the last quarter. This amounted to €1.14bn, which is an increase of 1.5%. The change rates were +10% in Q1 15, -2% in Q2, and -9% in Q3 last year. Orders received from milk processors were up, but they fell from farmers for milking equipment and from the oil and gas industries.
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)
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.
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.
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
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals