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.
|21Dec16 07:01||GNW||Boskalis to reinforce Houtrib dike in the Netherlands|
|13Dec16 06:00||GNW||Boskalis reduces Fugro holding to 9.38%|
|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|
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
Upgrade on positive year-end trading update
10 Jan 17
The group has announced a positive year end update, with a stronger finish to the year delivering sales slightly better than expectations. Operational gearing results in a 7.5% increase in EPS. Cash generation is significantly better than expected. As a result, we increase our price target from 205p to 254p, based on a fair value P/E of 12.0x for 2017. With healthy growth set to carry on, the shares should continue to show robust momentum, with the potential for a special dividend an additional positive.