Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOSKALIS WESTMINSTER. We currently have 7 research reports from 1 professional analysts.
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Research reports on
Boskalis has the financial strength to become a consolidator
13 Mar 17
Key information: • Revenue declined by 20% to €2.60bn. • EBITDA decreased by 25% to €660m. • Operating result decreased by 33% to €385m. • Operating net profit: €276m. • Impairment charges: €840m. • Order book grew by 17% to €2.92bn. • Proposed dividend: €1.00 per share, namely a 37.5% decrease.
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.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.
N+1 Singer - WYG - Mixed conclusion to FY17, reassuring FY18 outlook
23 Mar 17
WYG’s trading update highlights a frustrating conclusion to FY17 for the UK business, where profitability is expected to be below the prior year despite continued revenue growth. More positively, the performance of the international operations has been ahead of expectations for revenue and profit and the February order book remains a healthy £150m, consistent with the prior year end. Revised FY17 operating profit expectations are just under £9m, prompting a 14% reduction in our PBT forecast. The strength of the order book and pipeline mean than management expectations for FY18 are unchanged (we trim FY18 PBT by 3%) anticipating another year of very strong PBT growth (28% forecast for FY18 following 20% growth in FY17). We expect further details on trading with the prelims on 6th June and plan to introduce FY19 forecasts at that stage. The shares are trading on <12x FY17 P/E, falling to <10x FY18.