Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BUZZI UNICEM SPA. We currently have 9 research reports from 1 professional analysts.
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BUZZI UNICEM SPA
BUZZI UNICEM SPA
2017 once again expected to be driven by the US
04 Apr 17
Key information: • Net sales up by 0.3%, but lfl sales increased by 1.7%. • EBITDA increased by 16.4% to €551m, in line with our forecast. • EBITDA margin up by 260bp to 20.6%, in line with our forecast. • Consolidated net profit up by 16.4%, below our forecast due to the high tax rate. • Net debt decreased by 8.5% to €942m, which is above our forecast due to the fair value attached to the convertible bonds. • Cement volume up by 0.3%. • Dividend up from €0.075 to €0.10, in line with our forecast.
Guidance reiterated, headwinds from energy costs in Q4?
10 Nov 16
Key information (9m figures): • Net sales stable at roughly €2bn. • EBITDA up by 18.2%. • Net profit up by 50% thanks to the strong operating leverage. • Net debt down by 4.4%. • Cement sales volumes up by 1.2%. • Ready-mix sales volumes down by 0.8%. • Guidance: for FY2016, management expects a recurring EBITDA improvement from the previous year and in absolute value equal to about €520m, namely an 8.5% increase.
Outstanding growth in profitability thanks to low energy prices and North America
04 Aug 16
Key information (H1 figures): • Revenue up by 1.9% and by 4.0% on a lfl basis. • EBITDA increased by 33.5% to €222.5m and by 36.4% on a lfl basis. • Recurring EBITDA margin increased by c.400bp. • A €6.2m increase to €36.4m of earnings from associate. • Net profit increased to €90.3m vs €34.9m in H1 15. • Cement volume up by 2.7%. • 52% increase in cash flow generation. • Net debt increased by 3.4% to €1.06bn. • Guidance: FY recurring EBITDA improvement over the previous year of around €520m, namely 2% below current consensus, as well as H2 operating income in line with 2015. • Disappointing market signals in Italy.
Rather disappointing set of results
29 Mar 16
Key information: • Sales up by 6.2% and by 1.0% on a lfl basis. • EBITDA up 11.9% to €473m and 2.9% on a lfl basis. • Recurring EBITDA up 18.3% to €479m. • Consolidated net profit up 7.5% to €125.3m. • EPS 17% below consensus. • Dividend proposal of €0.075 per share vs €0.05 in 2014. • Net debt roughly stable at €1.03bn. • Cement volumes up 1.7%. • Ready-mix sales down 0.9%.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.