Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SBM OFFSHORE NV. We currently have 11 research reports from 1 professional analysts.
|01Mar17 17:00||GNW||Annual General Meeting of Shareholders Announcement|
|08Feb17 17:00||GNW||SBM OFFSHORE 2016 FULL YEAR EARNINGS|
|20Dec16 17:06||GNW||SBM Offshore Awarded Contracts for ExxonMobil Liza FPSO|
|20Dec16 16:43||GNW||COMPLETION OF SHARE REPURCHASE PROGRAM|
|19Dec16 07:00||GNW||WEEKLY SHARE REPURCHASE PROGRAM TRANSACTION DETAILS|
|15Dec16 07:00||GNW||UPDATE ON STATUS OF THE LENIENCY AGREEMENT|
|12Dec16 07:00||GNW||WEEKLY SHARE REPURCHASE PROGRAM TRANSACTION DETAILS|
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SBM OFFSHORE NV
SBM OFFSHORE NV
Guidance of Directional EBITDA 2017 similar to 2016
08 Feb 17
H2 16 IFRS revenue was $1.2bn (-34% yoy due to Turnkey). Directional revenue came in at $0.9bn. IFRS EBIT was $351m (vs. a $16m loss in H2 15), somewhat above consensus ($318m). Underlying Directional EBIT was $198m (vs. consensus at $152m). The IFRS underlying net profit was $163m (vs. $80m in H2 15), broadly in line with consensus expectations. The IFRS net debt was $5.2bn, stable from last year. Proportional net debt remained at $3.1bn. Guidance 2017: - Directional revenue of around $1.7bn (o/w Turnkey $0.2bn, Lease and Operate $1.5bn), missing consensus expectations (at $1.9bn); - Directional EBITDA at c. $750m, below consensus at $800m.
Positive FCF from H1 16; €150m share buy-back; further cost-cutting
10 Aug 16
H1 16 IFRS revenue was $1.1bn (-27% yoy due to Turnkey, -48% yoy to $505m). Directional revenue came in at $0.9bn. IFRS EBIT was $213m (+4% yoy), below consensus (at $287m). Underlying Directional EBIT was $146m (-43% yoy; vs. consensus at $161m). The IFRS underlying net profit was $145m (vs. $106m in H1 15), broadly in line with consensus estimates. The IFRS net debt was $5.2bn (steady from end-2015). Proportional net debt, at $3.1bn, decreased by $68m ytd. The company generated a positive FCF thanks to Lease & Operate. Guidance 2016 is mostly confirmed: - Directional revenue of at least $2.0bn (o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn); - Directional EBITDA at c. $750m; - Directional capex at $70m (vs. $90m previously). The group launched a $150m share buy-back programme to be completed in 2016.
$275m settlement with Brazilian government
18 Jul 16
On Friday, 15 July, SBM Offshore reached a settlement with the Brazilian government; this closes the inquiries into improper commercial practices. The terms: - Cash payment of $162.8m (o/w $149.2m to Petrobras, the remainder to ministries; $142.8m paid on settlement, plus $10m instalments after one and two years); - 95% reduction on the future performance bonus on FPSOs Cidade de Anchieta and Capixaba lease and operate contracts, amounting to $179m over the period 2016-30, with a PV of $112m (SBM applies a 10% discount rate); - The company is obliged to cooperate on procedures, related to the case, against third parties; - Implementation by SBM Offshore of improvements of its internal compliance programme in relation to Brazil.
Guidance confirmed, covenants renegotiated
11 May 16
Q1 directional revenues were $442m (-26% yoy; IFRS revenues were $507m, -32% yoy), as expected by management. Guidance 2016 is confirmed: - Directional revenue of at least $2.0bn (o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn); - EBITDA at c. $750m.
Recovery unlikely before 2018; H2 15 order intake almost nil
11 Feb 16
In H2 15, IFRS revenue was $1.2bn, below consensus estimates (at $1.7bn), and -54% yoy, mainly due to Turnkey. However, Directional revenue came in at $1.0bn, in line with consensus expectations and guidance. New orders were $87m (vs. $2.1bn in H2 14). The Directional backlog stood at $18.9bn (vs. $21.8bn in 2014), o/w 97% in Lease and Operate. IFRS EBIT was $35m (vs. $526m in H2 14), missing consensus (at $292m). Directional EBIT posted a $64m loss ($242m in H2 14), also below consensus (at $152m). The IFRS bottom line also disappointed, with a loss of $135m (vs. a $155m profit of consensus estimates). The IFRS net debt was $5.2bn (vs. $4.8bn last year and flat from H1 15). Proportional net debt, at $3.1bn, beat guidance of $3.3bn. The company proposed a dividend of $0.21 per share, after a 5-year break. +Guidance 2016:+ - Directional revenue at $2.0bn (below consensus at $2.2bn), o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn; - Directional EBITDA at $750m; - The company expects Turnkey losses (at Directional EBIT level) of a cumulated c. $150m over 2016-17; - Directional capex at c. $90m.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
GMP FirstEnergy ― UK Energy morning research package
17 Mar 17
Pacific Exploration & Production1,6 (PEN CN); BUY, C$72.00: 4Q16 results and improving outlook | Serinus Energy (SEN CN)1, 3; Speculative Buy, C$0.65: FY16 results | IGas Energy (IGAS LN) (not covered): Final terms of a previously announced proposed capital restructuring | Tullow Oil (TLW LN): HOLD, £3.10: Right Issue at a discount & CNOOC exercises pre-emption rights in Uganda
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.