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Research Tree provides access to ongoing research coverage, media content and regulatory news on WACKER CHEMIE AG. We currently have 9 research reports from 1 professional analysts.
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WACKER CHEMIE AG
WACKER CHEMIE AG
Some interesting details and a moderate guidance
14 Mar 17
Having already provided some figures, Wacker’s gross profit margin dropped from 21.3% to 18.3% and EBIT dropped 23% to €366m, ‘missing’ the positive one-offs. Net income attributable to shareholders clearly went down by 27% to €179m. Operating CF moved up +19% to €736m, with clearly higher D/A and lower tax payments despite lower NWC inflows (€18m after €121m). Investing CF moved from €-691m after €-630m despite significant lower capex (€-514m after €-821m) as the net disposal of securities (€-113m after €124m) partly offset this. Financing CF swung from €58m to €-136m primarily due to the lack of the proceeds from the issuance of Siltronic shares. Management proposes an unchanged dividend of €2.00 per share at the AGM on 19 May 2017. For 2017, management expects group sales to increase by a mid single-digit percentage and EBITDA, excluding the one-offs, should be on a par with this.
'Chemicals' strong profitability continues
01 Feb 17
Wacker reported a set of preliminary figures, which were at the profitability line much stronger than expected. FY sales were up +2% to €5.4bn and EBITDA increased +5% to €1.1bn. Net profit dropped from €242m to €190m. The FY report is due to be published on 14 March 2017.
Weaker top line, but profitability strongly increased
28 Oct 16
Q3 sales slightly weakened 1% to €1,346m (v: +2%, p. -4%, +1%) and the gross profit margin moved 90bp down to 21.1%. EBITDA went up +14% to €301m and net profit attributable to shareholders rose +7% to €64m. Operating CF jumped +57% to €297m primarily driven by higher D/A and a swing in NWC (€15m after €-31m). Investing CF (€-177m after €-283m) saw a lower capex outflow as the Tennessee site is now ramping up production and investments in securities moved up +16% to €-71m. Financing CF fully reflected the development in financial liabilities (€-35m after €-54m). Based on the strong ‘chemicals’ performance, management continues to expect group sales to increase by a low single-digit percentage and sees EBITDA at the upper end of the 5-10% range, when adjusted for special income. Net income is seen markedly lower. However, management now targets the upper end of given guidance.
Strong ‘chemicals’ trigger guidance update
28 Jul 16
Wacker’s sales was slightly up (+1% to €1,386m) in Q2, but the gross profit margin (18.8% after 21.7%) partly suffered from the lower prices related to cheaper raw material prices. EBITDA weakened (-9% to €300m), due to lower positive one-offs and net profit attributable to shareholders nearly halved (-48% to €57m). Operating CF increased 23% to €172m, clearly helped by a lower NWC outflow (€-62m after €-110m). Investing CF (€-190m after €-223m) benefited from lower capex and investments despite some higher acquisitions of securities. Financing CF swung from €246m to €-89m, primarily due to the lack of the €362m income from the change in ownership in Siltronic. Based on the strong ‘chemicals’ performance, management continued to expect group sales to increase by a low single-digit percentage (unchanged) and sees EBITDA at the upper end of the 5-10% range (in this range), when adjusted for special income. Net income is seen markedly lower (substantially).
Prices and D/A burdens profitability
28 Apr 16
Q1 sales came in 2% lower at €1,314m due to lower polysilicon and silicon-wafer prices (prices: -4%). Gross profit margin melted down from 21.8% to 16.7%, partly absorbing the start-up costs for the Charleston plan. The group’s EBITDA clearly dropped 14% to €229m due to the lower contributions from Polysilicon and Siltronic. Net income attributable to shareholders fell off the cliff (€20m after €70m). Due to the weaker operating performance, operating CF moved down 17% to €136m, despite some higher depreciation and lower NWC outflow. Investing CF (€-212m after €-129m) was hit by a swing from net proceeds (€60m) to net acquisition (€-24m) of securities. By contrast, financing CF swung from net repayment of liabilities (€-114m) to net proceeds (€199m). Management provided some hard figures for 2016, now expecting group sales to increase by a low single-digit percentage (slightly higher) and EBITDA to move up by 5-10% (slight increase), when adjusted for special income. Net income is seen substantially lower (unchanged).
Cautious, but realistic into 2016
17 Mar 16
Having posted preliminary figures in early February, the annual report gave some additional information. In 2015, sales rose +10% to €5,296m and the gross profit margin improved from 17.5% to 21.3%. EBITDA came in fairly unchanged at €1,042m and net profit attributable to shareholders increased strongly moving up +21% to €247m. Operating CF jumped +275% to €617m reflecting the better operating performance and was additionally helped by lower a NWC outflow (€-169m after €-257m). Investing CF moved from €-506m to €-691m whereas financing CF swung from €-89m to €58m driven by the proceeds from the change in ownership interests in Siltronic, which were partly eaten up by the higher net cross debt repayments (€-220m after €-52m). Management is to propose a +33% higher dividend (€2.00 after €1.50) per share at the AGM on 20 May 2016. For 2016, management expects slightly higher sales and a slight EBITDA increase, when adjusted for special income. Net income is seen substantially lower.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 14-03-2017
14 Mar 17
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Small Cap Breakfast
21 Dec 16
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK.