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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
Taking the bull by the horns
15 Feb 17
Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.