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  • 02 Aug 16

Did HeidelbergCement overpay for Italcementi after all?

Key information • Sales down by 2.1% and up by 0.4% lfl. • Recurring EBITDA down by 7.6% but, adjusting for the CO2 rights proceeds in 2015, it was up 2%. • Recurring EBITDA margin decreased from 15.0% to 14.1%. • EBIT €-209.6m in H1 16 vs €113m, reflecting the impact of non-recurring items for the group’s reorganisation and the impairment of operations in Belgium for a total of c.€320m. • Loss of €-345.7m vs profit of €3.8m in H1 15. • Cement volumes up by 2.9% and -0.1% lfl, Aggregates volumes up by 3.9% and Ready Mixed concrete up by 3.3%.

Companies: Italcementi
  • 23 Feb 16

Disappointing set of results, no recovery in sight in Italy

h2. Key information : • Revenue up by 3.5% to €4.3bn. • Recurring EBITDA down by 3% to €636m and down by 9% when excluding CO2 sales. • EBITDA down by 10.3% to €584m. • EBIT down by 37% at €148m. • Net debt roughly stable at €2,170m vs €2,157m in 2014. • Proposal of no dividend for 2015 (vs €0.09 for 2014).

Companies: Italcementi
  • 09 Nov 15

Q3 revenue down 7.2% on a lfl basis

Key information: • Revenue up 3% to €3,217m for the 9m period, but down 3.9% on a lfl basis. • Recurring EBITDA up by 1.7% to €482.9m for the 9m period. • EBIT roughly stable at €165.6m for the 9m period. • Loss of €8.1m for the 9m period compared to €63.8m for the first 9 months 2014. • Cement volumes down by 1.4%.

Companies: Italcementi
  • 30 Jul 15

A tightly managed cash flow leaving no room for error

Key information: • Revenues increased by 5.8% compared to H1 14 but decreased by 2.1% lfl. • Recurring EBITDA increased by 5.3%. • EBIT increased by 9.6%. • H1 profit at €3.8m vs loss of €79.6m. • Net debt stands at c.€2.2bn. Guidance: • Management expects a moderate increase in operating results for the full year.

Companies: Italcementi

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Italcementi. We currently have 4 research reports from 1 professional analysts.

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  • 10 Sep 19

1H reveals quality growth

Interim results confirm that the integration of Defaqto has and continues to progress well and the enlarged Group significantly increasing the scale of the Group. The Group now serves >6,000 intermediaries and >350 financial institutions. The statement notes that, including the 3-month contribution from Defaqto, there has been material P&L growth:  Group revenues rose 20% 1H on 1H to £29.1m (1H18 revenue: £24.2m);  Adj EBITDA grew 30% to £6.8m (1H18 adj EBITDA: £5.2m);  Adj PBT rose 34% to £5.9m (1H18: £4.4m);  Adj PAT rose 41% to £4.9m;  Adj EPS was 5.23p and the Board declared an interim DPS of 1.41p. Group net debt was £30.1m at 30 June 2019. This is “in line with expectations, after scheduled payment of a £1.6m dividend in April” and after the capital raising and payments for the Defaqto acquisition in March.

Companies: Simplybiz
  • 10 Sep 19

Cenkos: RA International Group Plc - Interim Results Update

This morning, RA International announced interim results for the period to 30 June 2019. During the period RA secured over US$65m new contracts and further diversified its revenues geographically and by customer. The contracted order book is now over US$166m, up c40% since December 2018. As indicated in the trading statement on 24 June 2019, both revenue and profitability for FY19 will be H2/19 weighted. With RA seeing increasing numbers of Supply contracts as well as several longer-term contracts starting in H2/19, we remain confident in our FY19 forecast.

Companies: RA International
  • 16 Sep 19

Tech IPOs outperform, Uber’s great freight hope, New Huawei technology

Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished

Companies: TRAK CPX SEE QTX

  • 17 Sep 19

LIBERUM: Staffline* - Weak H1 and EPS reduced but past the worst

Interim results worse than expectations with an 88% reduction in FD EPS yoy. We reduce our FY 2019 FD EPS estimate from 37.9p to 24.8p.

Companies: Staffline Group
  • 17 Sep 19

Cenkos: Smart Metering Systems Plc - 2019 interim results

Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.

Companies: Smart Metering Systems
  • 10 Sep 19

Cenkos: TP Group Plc - Order Book Growth

The combination of the strategic acquisition of Sapienza and robust organic growth has resulted in a strong set of H1/19A numbers. Revenue and the order book increased to £26.0m (+63% YoY) and £78.9m (+63% from FY18A year-end) respectively, with the latter now covering 94% of our FY19E revenue forecasts. We expect this momentum to continue and note that the Group is on track to meet our FY19E forecasts.

Companies: TP Group
  • 10 Sep 19

Solid State - Management raises FY20 profit guidance

In our July update, we noted there was scope for Solid State to upgrade FY20 guidance depending on Pacer’s performance and margin contribution from individual manufacturing contracts. After a strong start to the year, management has announced that FY20 profits will be significantly ahead of expectations, while revenues remain in line with the original consensus. Consensus FY20 and FY21 EPS estimates have been raised by 14% and 9%, respectively. The shares continue to trade at a substantial discount to peers for prospective P/E.

Companies: Solid State
  • 17 Sep 19

Continuing to build a unique business model

K3 Capital’s full-year results to 31 May 2019 showed that the group continues to build the business, further strengthening its unique position in the UK small and midcap M&A market. Group revenue split points to reduced sensitivity to the large-value, lower-volume M&A market, with an increasing share of revenue coming from the more stable low and mid-market M&A deals in KBS Corporate, where the group’s unique position and approach point to continued strong value creation. We note Q1 FY 2020 has already seen the Corporate Finance division exceed the £0.8m revenues achieved in the entirety of FY 2019.

Companies: K3 Capital Group
  • 16 Sep 19

Acquisition of Convex Capital

Rosenblatt has announced the acquisition of Convex Capital Limited, a specialist corporate finance boutique, for total consideration of £22m. In line with the Group’s acquisition approach, most of the consideration (c.60%) is to be paid in shares, and we highlight these are to be issued at a premium to the current share price (first tranche at 120p). The high margin (>50% EBITDA) profile of Convex should prove immediately earnings enhancing, and the opportunity for cross-selling and diversified earnings supports the investment thesis on the shares. We make no changes to numbers this morning. Re-iterate Buy.

Companies: Rosenblatt Group
  • 10 Sep 19

Anexo - Significant growth in earnings and cash generation

Anexo’s interims display the clear momentum in the business; revenue increased by 56%, adjusted PBT by 63% and cash collections by 30%. We believe the Group is now poised to enter a period of accelerated cash collection given the investment that has been made in its legal division. We remain of the strong view that 10.6x FY19 PER is the wrong valuation for a business set to grow EPS by 43% with expanding margins in excess of 30%. Reiterate Buy, 345p TP.

Companies: Anexo
  • 10 Sep 19

Severfield - Stable outlook

An AGM update confirmed much of the year-end messaging and management expectations for FY20 are unchanged. Order book positions in the UK and India remain encouraging and there have been no discernible changes in pipeline opportunities. The earnings outlook appears solid and the 8.4x P/E and 4.9% prospective yield have appeal.

Companies: Severfield
  • 11 Sep 19

Interim results: Strong margin progression underpins FY19 outlook

Underlying operating profit (pre IFRS 16) of £8.3m is 11% ahead of the £7.5m reported in HY18 as margin improved 60bps to 5.9%. FY19 expectations of £20.1m are predicated on a £1.4m yoy improvement with the business having delivered £0.8m in H1. Further cost recovery, positive volume expectations and additional efficiency improvements in H2 mean that confidence in achieving FY19 estimates is increasing. Despite the UK RMI market remaining difficult, Epwin should continue to outperform in terms of market share and, having weathered material cost headwinds, has an opportunity to rebuild margin back towards the double digit achieved at the EBITDA level historically (pre IFRS 16). We leave forecasts unchanged but with increased confidence in achieving the FY19 estimates.

Companies: Epwin Group
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 03 Sep 19

UK Video Gaming Initiations – Level Up

We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector (henceforth UK gaming). Our stock-picking bias is towards companies with strong growth, profitability and cash conversion, consistent with our Arden Technology Thematic Framework. Considering company-level fundamentals we believe exposure to varying growth themes will produce dispersion, creating opportunities to identify relative winners. On this basis, we believe Codemasters (CDM LN), Sumo Group (SUMO LN) and Team17 (TM17 LN) are best positioned, and we are initiating coverage with Buy ratings, with Frontier Developments (FDEV LN) and Keywords Studios (KWS LN) on Neutral ratings.

Companies: CDM FDEV KWS SUMO TM17