Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOSKALIS WESTMINSTER. We currently have 6 research reports from 1 professional analysts.
|05Dec16 03:59||GNW||Boskalis announces 24.9% holding in Fugro|
|01Dec16 10:16||GNW||Boskalis sells stake in SMIT Amandla Marine|
|25Nov16 07:30||GNW||Boskalis awarded EUR 120 million dredging contract for oil terminal expansion in Brazil|
|11Nov16 07:00||GNW||Boskalis maintains 2016 profit outlook|
|10Nov16 09:47||GNW||Ms. I. Haaijer appointed to Boskalis Supervisory Board|
|08Nov16 02:45||GNW||Boskalis subsidiary VBMS awarded Borssele Alpha export cabling contract|
|26Oct16 03:58||GNW||Boskalis awarded contract for Hornsea Offshore Wind Farm Project One|
Frequency of research reports
Research reports on
Impairment in Q4 likely, but Boskalis remains undervalued
14 Nov 16
Key information: • Q3 revenue and result development in line with management’s expectations. • Utilisation rates stable for trailing suction hopper dredgers (Dredging) and heavy transport vessels (Offshore Energy). • Order book increased 8% to €2.9bn thanks to acquisitions. • Good contribution from VolkerWessels’ offshore activities acquired at the beginning of Q3.
EPS consensus to be revised downward
18 Aug 16
Key information (H1 figures): • Revenue down by 25.4%. • EBITDA decreased by 36.5% to €317.6m. • EBITDA margin from 31.8% in H1 15 to 27.1% in H1 16. • Operating results down by 49.2% to €182.4m. • Net profit decreased by 51.9%. • Order book down by 9.0% compared to H1 15 but up 8.3% compared to FY2015.
As expected revenue and margin contraction but valuation remains attractive
10 May 16
Key information: • Strong decline in revenue due to continued challenging market conditions. • Lower fleet utilisation at both Dredging and Offshore Energy. • EBITDA margin slightly down compared to Q1 15. • Slightly higher order book.
2016 outlook overshadows 2015 results
10 Mar 16
Key information: • Revenue up by 2% to €3.24bn. • EBITDA down by 6% to €885m. • Net profit down by 10% to €440m. • Order book at €2.5bn decreased by 24%. • Proposed dividend stable at €1.60 per share. • Strong cash flow generation in 2015. • Net debt decreased to €171m vs €518m at end 2014. • Net debt/EBITDA ratio at 0.4x. • Respect of all covenants with a great margin of safety. • Fleet rationalisation and cost reduction programme. • Guidance: net profit in 2016 will be substantially lower than the strong 2015 result.
Strong H1 results, notably thanks to the Suez Canal
20 Aug 15
Key information : • Revenue increased by 1.6% in H1 15 compared to H1 14, lfl revenue stable. • EBITDA up by 7% in H1 15 compared to H1 14. • EBITDA margin stood at 31.8% in H1 15 vs 30.2% in H1 14. • Net profit increased by 21% in H1 15 compared to H1 14. • Net profit margin stood at 19.5% in H1 15 vs 16.4% in H1 14. • Order book decreased by 9.8% in H1 15 compared to H1 14. • Net debt to EBITDA stood at 0.7x.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
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.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
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.