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 v

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).

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%.

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.

Terminating coverage

Strong finish to 2022, upgrade to 2023

Somero Enterprises - Year-end trading update – slightly lower than expectations

The update reflects some slight customer supply chain constraints, with the resultant FY revenue and EBITDA slightly down on previous guidance. Underlying market demand remains positive with expected backlogs. Strong growth was again recorded by Europe (+20%) and Australia (+40%). We reduce our revenue for FY22 by 3.5% with a 3.7% reduction in Adj EPS. Lower net cash of $34.0m is also reflected in dividends, which we reduce by 22% to 37.5ȼ. The growth story remains strong with international grow

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: SigmaRoc* - Good start to 2023 with strong pipeline

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

FY23 expectations dashed; 12-month strategic plan unveiled; opportunity to accumulate?

As set out in its preliminary release ITM’s H1 results and FY23 outlook were below expectations. Revenues were lower, as sales related to the Leuna project were deferred to FY24. On the cost side, gross loss expanded due to inventory losses, and increased contract and warranty provisions. ITM also announced the signing of two 100MW projects to Linde Engineering, a strategic review of Motive Fuels, and a new 12-month strategic plan to reorient the company towards manufacturing and delivery.

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

ITM Power - A Major Reset

ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor

ITM Power (ITM LN) - H1 FY 2023 results

ITM has released its H1 results to the end of October 2022, alongside providing an update on the company’s strategy under its new CEO. The statement is something of a curate’s egg, showing an expectation of poor FY 2023 financial performance (as previously flagged), but also a new strategy focused on manufacturing scale-up, and signature of two new 100MW contracts.

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

SHORE CAPITAL - Ultimate Products+ (UPGS) - House Stock, 170p - Returning to Ambiente - a commercial opportunity

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object