Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRESENIUS SE & CO KGAA. We currently have 7 research reports from 1 professional analysts.
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FRESENIUS SE & CO KGAA
FRESENIUS SE & CO KGAA
FMC and Helios back to growth
28 Oct 16
Fresenius reported +6% higher sales (to €7,339m) and the gross profit margin remained fairly unchanged at 31.5% in Q3. EBITDA rose +6% to €1,373m and net income attributable to shareholders was up +12% to €399m. Operating CF benefited from an improved NWC inflow (€28m after €-1m) as investing CF saw higher capex ending up at €-412m (€-374m). Financing CF was more or less unchanged at €-438m (€-445m). Based on Kabi’s stronger than expected 9M performance, management adjusted FY guidance, now expecting sales to grow by 6-8% at cc (unchanged) and growth of the adjusted net income attributable to shareholders of 12-14% (11-14%).
Kabi preparing to leave Shangri-La, but guidance lifted
02 Aug 16
Group sales were up +2% to €7,092m and the gross profit margin improved from 30.6% to 31.1% in Q2 16. EBITDA increased +10% to €1,339m, partly helped by higher D/A, and net profit attributable to shareholders strongly rose +21% to €393m. Operating CF benefited from a strong swing in NWC (€40m after €-121m), ending up at €996m (€720m). Despite slightly higher capex, investing CF came in pretty much unchanged (€-416m after €-393m). Financing CF (€-377m after €-366m) was burdened by higher dividends, which were partly re-financed by higher financing activities. Based on Kabi’s stronger than expected H1 performance, management adjusted FY guidance to sales growing by 6-8% at cc (unchanged) and adjusted net income attributable to shareholders by 11-14% (vs 8-12%).
Strong profitability increase, especially at Kabi
03 May 16
Group sales were up +7% (+7% at cc) to €6,914m and the gross profit margin received some strength (31.0% after 29.7%). EBITDA increased +12% to €1,237m and net profit attributable to shareholders strongly increased +24% to €362m. Operating CF dropped 37% to €334m as NWC outflow more than doubled (€-535m after €-258m) suffering from FMC’s adjustment in invoicing and the timing of payroll payments. Investing CF moved from €-228m to €-528m, driven by higher capex (above D/A) and acquisition-related costs. Financing CF swung from €-562m to €47m pushed by the swing to cash provided by financing activities. Management confirmed FY 2016 guidance, expecting sales to grow by 6-8% at cc and growth in adjusted net income attributable to shareholders of 8-12%.
Some deceleration in Q4, but a strong 2015
24 Feb 16
Q4 sales were up +11% (+5% at cc) to €7,257m and the gross profit margin improved from 29.2% to 31.6%. EBITDA was up +21% to €1,344m and net profit attributable to shareholders went clearly up +40% to €359m. Operating CF rose +32% to €1,176m seeing higher NWC inflow (€238m after €49m). Investing CF moved from €-1,038m to €-499m driven by a swing from cash used for acquisitions (€-548m) to cash generated by divestments (€31m). Financing CF was hit by a swing from cash provided for financing activities (€341m) to cash used for financing activities (€-552m) coming in at €-609m (€280m). Management proposes a +25% higher divided to €0.55 per share at the AGM on 13 May 2016. For 2016, management expects sales to grow by 6-8% at cc and a growth of the adjusted net income attributable to shareholders of 8-12%. The 2019 targets foresee sales in the €36-40bn range and net income attributable to shareholders between €2.0-2.25bn. The annual report should be available within the next few weeks.
Nice organic growth, but NWC raises a question mark
29 Oct 15
Q3 sales were up +16% (organic: +6%) to €6,940m and the gross profit margin moved up 1.0pp to 31.6%. EBITDA increased by +17% to €1,226m and net profit attributable to shareholders jumped +29% to €357m. Operating CF came down a bit (-5% to €900m) spoiling the operating performance as NWC reported a red zero after a strong inflow of €238m. Investing CF benefited from lower acquisition costs (€-444m after €-47m) moving from €-760m to €-374m. Financing CF (€-409m after €-156m) suffered from higher cash used for financing activities (€-386m after €-184m). Based on Kabi’s continued strong performance, management again lifted guidance. For 2015, management now expects sales to grow by 8-10% (unchanged) at cc and net income attributable to shareholders pre one-offs by 20-22% (previously: 18-21%). 2017 targets (sales: ~€30bn; net income: ~€1.4-1.5bn) have not been explicitly confirmed.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Exponential growth now in sight
07 Dec 16
The best things in life are worth waiting for, or at least that seems to be the case with Kromek, a pioneering radiation detection expert. Since listing on AIM at 51p back in October 2013, the company has not only been busily refining and field testing its next generation CZT (cadmium zinc telluride) technology, but importantly also securing a raft of new orders.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.