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.
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced