Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ITALCEMENTI SPA. We currently have 4 research reports from 1 professional analysts.
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Did HeidelbergCement overpay for Italcementi after all?
02 Aug 16
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%.
Disappointing set of results, no recovery in sight in Italy
23 Feb 16
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
09 Nov 15
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
30 Jul 15
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.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.