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.
Frequency of research reports
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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)