Event in Progress:
Discover the latest content that has just been published on Research Tree
The Q2 20 results were down sequentially but remained very decent in the current context
The group sees signs of a recovery in its core markets
The benefits of the cost-cutting policy will become even more obvious once markets recover
The deleveraging target is now in reach
No major change in our numbers to be expected
Companies: MaireTecnimont SpA
ArcelorMittal is issuing US$2bn in equity and bonds in a move that can be interpreted as a way of protecting itself for the tough times to come (COVID-19 impacts) and the willingness to stick to its commitment to lower net debt to c. US$7bn in the near term. The read-across for the sector is not very positive, of course…
FY19 results came in line, even though net income is lower on extraordinaries (impairment, tax…)
Going forward, management mentions a degree of stabilisation which leaves room for hope for the current year
Deleveraging is well underway, with further progress expected this year
The tone of management is also quite reassuring
Q3 19 above consensus at the EBITDA level.
Production cuts/cost-cutting rather efficient.
Low visibility going forward.
Deleveraging on the cards.
The market appreciates the failure of the Ilva take-over.
The Essar deal to be closed in Q4.
Q2 19 results in line EBITDA-wise, with a US$1bn impairment on Ilva and the US at the EBIT level
The group is doing well on the deleveraging front
The outlook for H2 is not very optimistic on the price/ demand sides
We will revise our estimates down for the current year, with a downward impact on the valuation
- Q1 a bit weak margin-wise
- Weak demand in Europe has put pressure on the group
- Higher input costs (e.g. iron-ore, energy) and a lack of EU measures’ efficiency did not help
- No real change to the context before H2 we believe
- We will trim our forecasts and valuation
FY18 results were fully in line with our numbers and the group is in a rather good position going into FY19.
- The group expects a slower growth in demand in FY19.
- The dividend is raised to US$0.20 (vs US$0.10).
- Cash needs will be slightly up in FY19 mainly on capex.
- In the light of the rather modest growth assumptions, we will not materially change our numbers, but will adjust our valuation metrics.
Revenues in Q3 reached US$18,522m (+5% yoy, -7.4% qoq), EBITDA US$2,729m (+41% yoy, -11.2% qoq), EBIT US$1,567m (+27% and -34%) and net income US$899m (-25.5% and -51.8%). Net debt at the end of Q3 was US$10.5bn vs US$10.5bn in Q2, US$11.1bn in Q1, and US$10.1bn at year-end 2017. According to management, overcapacities remain an issue as well as the high level of imports in various markets. No precise guidance is given for Q4, but this suggests the last quarter of the year could be somewhat lowe
Revenues reached US$39,184m (+17.6%), EBITDA US$5,585m (+28.6%), EBIT US$3,9309m (+32.5%) and net income US$3,057m (+31.5%). Net debt at the end of H1 was US$10.5bn vs US$11.1bn in Q1, and US$10.1bn at year-end 2017. According to management, “the outlook for the second half of the year is encouraging as we anticipate current favourable market conditions and we believe improvements in underlying industry fundamentals are sustainable”, also reminding that overcapacities remain an issue though.
Nice start into FY18 thanks to prices and, to a lesser extent, volumes. The tone of the (qualitative) outlook is very positive. Net debt is under control and the long-term US$6bn target reiterated. The group is at least in line to reach the street’s expectations for the current year. We’ll most likely revise our numbers upwards.
FY17 slightly above estimates. Sound environment. Resumption of dividend and improved financial structure.
Arcelor released Q3 17 figures. Sales reached US$17,639m (+21% yoy), EBITDA US$1,924m (+1%), EBIT US$1,234m (+2%) and net income US$1,205m (vs US$680m). Over 9 months, sales amounted to US$50,969m (+19%), EBITDA US$4,594m (+36%), EBIT US$4,200m (+25%) and net income US$3,539m (vs US$1,376m). Net debt at the end of Q3 was US$12bn vs US$11.9bn in H1, US$12.1bn in Q2 and US$11.1bn at year-end 2016. The group indicated that market conditions are favourable with healthy steel spreads and a slightly h
Arcelor released H1 17 figures. Sales reached US$33,330m (+18.4%), EBITDA US$4,343m (+61%), EBIT US$2,966m (+38%) and net income US$2,324m (vs US$696m). Net debt at the end of H1 was US$11.9bn vs US$12.1bn in Q2 and US$11.1bn at year-end 2016.
According to the press, Arcelor and Marcegaglia have been selected as “preferred bidders” by the three representatives in charge of managing the disposal of Ilva, currently owned by the Italian State.
Q1 17 revenues reached US$16,086m (+20%), EBITDA US$2,231m (vs US$927m), EBIT US$1,576m (vs US$275m) and net income US$1,002m (vs US$-416m). Net debt at the end of Q1 was US$12.1bn vs US$11.1bn at year-end 2016 and US$17.3bn a year ago. At the Extraordinary General Meeting held on 10 May 2017, a share consolidation based on a ratio 1:3 was approved, whereby every 3 current shares will be consolidated into 1 share (with a change in the number of shares outstanding and the accounting par value pe
Research Tree provides access to ongoing research coverage, media content and regulatory news on MaireTecnimont SpA.
We currently have 25 research reports from 3
FY24 Interim results: A record H1 performance delivered revenue growth of 62.5% to £105.1m (H1 FY23: £64.6m), with growth across all divisions: Batteries +1.4%, Lighting +21.8%, Sports Nutrition & Wellness +17.5%, Vaping +32.5% (ex- ElfBar) and Branded Distribution +798.9%, which includes revenue of £26.4m from the ElfBar distribution opportunity, commenced in June. Adj. EBITDA of £15.2m is +88.0% (H1 FY23: £8.1m) benefitting from higher sales, and operational efficiencies. Adj. PBT of £12.6m is
Companies: Supreme PLC
TClarke has confirmed it is on track to deliver its three-year growth-plan target of £500m of revenues in 2023E (up from £426m in 2022). It detailed a 99% increase in the order book to £1.1bn alongside a further £1bn in opportunities. Reflecting the current challenges in the construction sector, management has made a number of strategic decisions to preserve the business’s strong market and financial position. These include changing some supply-chain partners mid-contract to protect project comp
Companies: TClarke plc
Today’s interims are in line with the recent trading update (11th October) and as such we make no changes to forecasts. Revenue of £324.8m represents a LFL decline of 14%, with EBITDA of £25.6m (H123: £25.5m). This is a strong performance, against what is a challenging market backdrop and underlines the benefits of its diversified operating model and focused strategy. We therefore continue to be surprised at the weakness of the share price, especially in the context of a broader peer group. Putt
Companies: Brickability Group PLC
Companies: 88E GENI BMS CRU POS XSG
Companies: CPH2 TIDE MRL BRCK JNEO
Epwin has released a brief trading update confirming that it is on track to meet FY23 estimates. It has also announced its intention to start a buyback, indicating the Board’s confidence in the business going into FY24, despite the volatile operating environment. Zeus leave profit estimates unchanged across the forecast period. This is a continuation of the performance over the last few years, the business has met or beaten consensus numbers since FY20, has not raised equity and managed its bala
Companies: Epwin Group PLC
The H1 outcome was as indicated in the recent (18 October) Trading Update. Group guidance for the full year is now raised: from revenue of £195m - 205m to £210m - £220m (ED estimate was £204.2m); (adj.) EBITDA from £28m - £30m to £32m - £35m (ED estimate was £29.0m). From incremental EBITDA of c.£4.5m, c.£1.5m arises from core operations and c.£3.5m from the Elf distribution agreement, which supplies retailers including Tesco, Morrisons, One Stop and WHSmith.
A series of initiatives – branding
Van Elle has released a pre close trading update for HY24 confirming it is trading in line with expectations. Revenue is down 16% yoy to £68.0m which is broadly in line with Zeus expectations for FY24 of 12.1% decline in revenue, pre the addition of Rock & Alluvium. Estimates are updated on the back of the completion of the deal increasing revenue by 6% in the current year to £138m and 11% to £155m in FY25. Zeus leave profit before tax estimates unchanged at £5.0m in FY24 due to integration cost
Companies: Van Elle Holdings Plc
Xaar has released a trading update for 2023 that includes cautious commentary around 2024. The group is expecting a strong end to the year in terms of profitability, albeit with depressed revenue levels. Sales pressures are expected to continue in 2024 and, combined with downward pressure on prices and cost inflation, are likely to lead to a materially reduced level of profitability. We alter our estimates for both years to reflect the update. Although the group is clearly navigating tough marke
Companies: Xaar plc
Progressive Equity Research
Companies: ANTO RIO FXPO AAL GLEN BHP
The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.
Companies: TLOU PTAL HTG ENW ITM BLVN RKH HBR UJO GMS JOG MATD CEG GENL AXL
Treatt’s FY23 results show a significantly improved y-o-y operating performance, delivering revenue and profit growth alongside record cash generation. Sales in H223 were affected by the destocking of inventory from clients, although management notes early signs of this reversing. Particularly strong growth came from Treatt’s new markets segment (Coffee, China and Treattzest), up 61% y-o-y. Record cash generation resulted in net debt more than halving to £10.4m. Management is focusing on volume
Companies: Treatt plc
Companies: CTO HERC LINV ATG
Companies: Kinovo PLC