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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

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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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  • 16 Jul 19

LIBERUM: Staffline* - Dilution results in EPS reduction

We expect an H1 FD EPS weighting of 27%, vs 43% in FY18. The significant H2 weighting leaves a lot of work to do in a difficult trading environment.

Companies: Staffline Group
  • 18 Jul 19

Solid trading in H1 underpins confidence in FY19 estimates

Strix confirms that it has traded in line with FY19 profit expectations in the first half of the year. Interim profit after tax will be ahead yoy and underlying cash generation strong leading to good performance in terms of net debt, considering investment in the new manufacturing site, the acquisition of HaloSource in Q1 and the increased dividend. We leave forecasts unchanged on today’s statement despite the apparent progress in terms of cash generation as Capex relating to the factory move is expected to ramp up in H2 as part of the two year £20.0m investment. Important for profitability, the underlying Controls market remains solid and continues to grow, albeit at a marginally slower rate than reported in FY18. Strix Global market share by volume is broadly stable and it has increased share in China, as predicted at the end of last year. AO has also maintained market share but in a market that has declined in H119. The shares trade on 11.4x current year earnings falling to c. 10.5x in FY20. The 4.8% yield is attractive on a conservative balance sheet with less than one times Net debt/ EBITDA.

Companies: Strix Group
  • 16 Jul 19

Upgrading forecasts after strong H1

“Don’t fight the Fed” is a tried and tested Wall Street strategy that has worked a treat over the past decade. Basically it states that when US interest rates fall, global equities should rise thanks to lower borrowing costs for consumers and corporates alike. Similarly after last week’s dovish testimony to Congress by FOMC Chair, Jerome Powell, we believe this bias towards more monetary easing should keep the economy ticking along, and places a ‘Put’ under valuations

Companies: Mpac
  • 16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

  • 16 Jul 19

Facebook to use Libra to become utility, Slack not worried about Microsoft, Symantec ends talks with Broadcom

The Senate Banking Committee on Monday released the testimony of David Marcus, the head of Facebook's cryptocurrency projects ahead of his testimony Tuesday. In his prepared remarks, Marcus perfectly outlines the business model behind the social network’s upcoming Libra digital currency and its Calibra digital wallet. Microsoft might be the primary competitor for Slack, but the widespread adoption of Microsoft's software is not a major problem for Stewart Butterfield, co-founder and CEO of the messaging app. Last week, Microsoft said Teams had more daily active users than Slack. Cybersecurity company Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom over price disagreements, people familiar with the matter said on Monday. Symantec's decision raises new questions over the future of the US antivirus software provider, which is looking for a new CEO and has been struggling to grow its business serving companies.

Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH

  • 16 Jul 19

Strong momentum and investment for growth

Gateley continued its strong growth track record in FY 2019 with adj. EPS up +18% driven by organic sales growth of +10% and acquisitions (total sales +20%). The balance sheet remains strong with net debt of only £3.2m, and the dividend was raised by 14% to 8.0p. The outlook is positive, with the group continuing to attract high quality staff and acquisitions at least meeting expectations, growing the range of services offered. We make no major changes to our forecasts but upgrade our target price from 193p to 210p as we roll forward a year and update the market FCF yield that supports our model from 5.5% to 5.1%.

Companies: Gateley
  • 18 Jul 19

Encouraging H1 19 update and FY on track

Strix H1 trading update just published: ‘The Group has delivered a solid performance for the period …and expects to report (FY) results in line with market expectations’. Accordingly, we leave our FY 19/20 forecasts unchanged. Reassuringly, Strix reconfirms at this stage its intention to pay total dividends of 7.7p per share for FY 19, +10% YoY. This should underline the income attractions of this stock to investors.

Companies: Strix Group
  • 11 Jul 19

FY19e trading in line with June guidance

Somero’s trading update confirms that performance is in line with June guidance ($87m revenues, $28m EBITDA and net cash of $18m). We leave our forecasts unchanged on the back of this, though we highlight that we remain 6% below guidance/consensus at the EBITDA level, reflecting our cautious view surrounding the extent to which further cost savings can be materialised, particularly following recent success in delivering a lean operating structure. We remain Neutral on a short-term horizon as we see limited negative earnings catalysts in coming months, though we maintain our fundamental view that ongoing signs of industry and economic headwinds facing the US non-residential construction industry could have a material impact on FY20e earnings.

Companies: Somero Enterprises
  • 17 Jul 19

Strong H1 progress and further upgrades

Management has delivered a very strong set of interims and anticipates results ahead of market expectations for the full year. Including today’s 10% upgrade, FY2019E PBT forecasts have now risen by 45% so far this year as momentum has built. Cost savings now exceed expectation at £6m p.a. and market drivers remain strong in key segments within the Treatment & Disposal and North Sea divisions, where H1 revenues were ahead 39% and 43% respectively. We still see forecasts as conservatively framed and would highlight that net cash is now at £22.8m, up £14.6m in the first half

Companies: Augean
  • 16 Jul 19

FY’19 results – delivery and opportunity

As foreshadowed by the trading update in May, Gateley has delivered results in line with expectations. This continues a pattern of organic growth (pre- and post-IPO) on a broad front supplemented by acquisitions of complementary professional services businesses. A focus on long term projects and cross-selling with a diverse client base, coupled with some counter-cyclic business lines lends considerable confidence and we suggest the FY’20 PER discount of nearly 40% to the generally similar Knights Group (not rated) looks very overdone.

Companies: Gateley
  • 18 Jul 19

Strategic appointment compliments transition story

Kin & Carta has announced the appointment of John Kerr as Non-Exec Chairman, effective 22 nd July 2019. Today’s statement suggests that John brings a wealth of experience having served a number of senior roles at Deloitte Consulting, and specifically leading the creation of Deloitte Digital in 2012. We see this as a sound appointment for the company as it continues to make progress in executing its strategy, with a focus on digital transformation. At 11.4x FY19e P/E (falling to 9.5x in FY20e), we remain buyers and reiterate KCT as one of our top picks for 2019, seeing 31% upside to the shares.

Companies: Kin and Carta
  • 15 Jul 19

Eddie Stobart Logistics - Forecasts reduced, material value upside remains

We prudently cut our FY19 and FY20 EBIT forecasts for Eddie Stobart Logistics (ESL) by 5% and 6% respectively post the H1 trading update highlighting solid revenue growth, but EBIT at the low end of management expectations and a 4% downward revision to the last reported adjusted EBIT. Despite this, our forecast FY19 EBIT margin remains at the top end of logistics peers and, even on our revised numbers, the stock is trading at a significant discount to peers, offering an attractive c 9% dividend yield.

Companies: Eddie Stobart Logistics
  • 17 Jul 19

Flash Update: Q2 and H1 Trading Update

Capital reiterated it is on track to achieve full year revenue guidance of US$110-120 million, and whilst the headline revenue number for the half year is slightly below our expectations, we are confident that the company will be able to achieve guidance. The newly announced contract wins (described below), and some H1 seasonal effects in West Africa, imply a stronger H2 for the company. We are assuming an EBITDA margin of 24.2% for the half year, implying H1/2019 EBITDA of US$13.2 million, or 3.0x current EV on an annualised basis. We estimate US$5.5 million of free cash flow generated for the half year, equivalent to a 12.1% yield, which well covered the US$2.0 million dividend payment in May.

Companies: Capital Drilling
  • 18 Jul 19

Boku - On track for FY19

Boku’s H1 trading update confirmed continued strong growth in the Payments business and progress in growing the Mobile Identity business. Management’s expectations for FY19 are unchanged; we maintain our forecasts, which assume seasonally stronger payment volumes and a step-up in revenues from the identity business in H219.

Companies: Boku
  • 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