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STADA ARZNEIMITTEL AG
STADA ARZNEIMITTEL AG
Q3 16 : roughly in line, despite Russia and the UK
10 Nov 16
Stada reported Q3 16 figures. Sales reached €507m (-0.1%), EBITDA €88.4m (-11%, -6% adjusted), net income €18.3m (-50%, +4% adjusted). Over 9 months, sales totalled €1,541.7m (+0.5%), EBITDA €289.1m (+3%, +2% adjusted), and net income €100.3m (+11%, +10% adjusted). Net debt at the end of Q3 was €1,187m (vs €1,211.3m at the end of H1 and €1,216m at year-end 2015. The group targets an adjusted net income of “at least €180m” for FY16 (which compares to “a slight growth on FY15” previously, keeping in mind adjusted net income reached €165.8m last year).
H1 16: well on track for FY guidance
04 Aug 16
Revenues were up +1% to 1,037.4m, reported EBITDA +11% to €200.7m (adjusted +7%), operating income +22% to €136.3m (+11% adjusted) and net income +53% to 82m (+13% adjusted). Net debt reached €1,211.3m vs €1,216m at year-end 15. Management confirmed its outlook for FY16, according to which slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income is to be expected. Looking further ahead, the group anticipates sales of €2.6bn, adjusted EBITDA of €510m and adjusted net income of €250m within a +/-5% range for FY19.
Q1 16: not too bad...
12 May 16
Q1 16 revenues were up 2% to €497.1m (+4% lfl at CER), EBITDA up 7% to €85.2m, adjusted EBITDA down 1% to €92.1m, operating profit up 12% to €56.3m (flat on an adjusted basis) and net income up 40% to €29.6m (+6% adjusted). The group maintains its guidance for the full-year, i.e. a slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income.
FY15 in line. Russia still a worry for FY16
23 Mar 16
Stada released FY15 results. Sales reached €2,115.1m (+3% and +4% on a constant scope and currency basis), EBITDA €377.1m (-10%), adjusted EBITDA €389.4m (-10%), operating profit €223.7m (+19%) and adjusted operating profit €283.8m (-12%), net income €110.4m (+71%) and €165.8m (-11%) on an adjusted basis. Looking into FY16, the group anticipates a slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income. Net debt reached €,1215.7m at year-end 2015. Lastly, the dividend proposed will be €0.70 (vs €0.66 last year).
Preliminary FY15: no reason to get excited
29 Feb 16
Stada released preliminary FY15 numbers. Sales are expected to have reached €2,115.1m (+4% at CER and constant scope), EBITDA €377.1m (-10%), adj. EBITDA €389.4m (-10%), net income €110m (+71%) and €165.8m (-11%) on an adjusted basis. The increase in reported net income (€110.4m vs €64.6m) is mainly attributable to far higher impairments in FY14. Net debt is expected at €1,215.7m. The dividend proposed will be €0.70 (after €0.66 in FY14).
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.