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Declining results in Q2 on an organic basis, a touch below our estimates
Salcef has unveiled its Q2 2022 results, which were down YoY on an organic basis, a touch below our estimates: revenues +2% YoY (ca. -4% like-for-like), EBITDA -9%, EBIT -19% adj. net income -16%. Backlog reached ca. EUR 1.35bn, with a book-to-bill at 2.2x, on the back of new order totalling ca. EUR 200m and the consolidation of PSC''s business unit''s backlog in Q2 2022. The company posted a net financial position of ca. E
Companies: Salcef Group S.p.A
BNP Paribas Exane - Sponsored Research
Mixed results in Q1 2022, but largely in line with our estimates
Salcef has unveiled its Q1 2022 results, which were largely in line with our estimates: revenues ca. +15% YoY, EBITDA +3%, EBIT -8%, net income -38%. The main drivers were: sound growth on a like-for-like basis, ca. 12% YoY in terms of revenues; the consolidation of Bahnbau Nord (impact of ca. EUR3.5m in terms of revenues); a reduction in margins due to the higher energy and raw material costs; higher DandA related to the investme
Sound growth in 2021 YoY - backlog reached an all-time high
Salcef has unveiled its 2021 results, which were well up YoY, bang in line with our estimates: revenues +29% YoY (ca. +18% at a like-for-like perimeter), EBITDA +23%, EBIT +17% net income +25%. The backlog reached EUR 1.2bn, with a book-to-bill at 2.4x, on the back of new orders totalling ca. EUR 1bn in 2021. The company posted a net financial position of EUR 114.5m (cash). Salcef is distributing a DPS of EUR 0.46 per share (implied yi
As a leading player in the railway maintenance and renovation, Salcef is well-placed to take advantage of the considerable new order awards expected in the coming years. Its cash pile adds further potential to a very active MandA player.
Further growth in an already buoyant environment
We expect the positive growth trend in the railway industry to continue and to further accelerate in the coming years. Considerable awards are planned in 2022. We argue Salcef may be one of the beneficiarie
Another sound quarter driven by both organic growth and MandA
Salcef posted a strong set of Q3 2021 results: revenues were up by around 25% YoY, EBITDA +14%, EBIT +13%, adj. net profit +14%. The main drivers were: the perimeter change (ca. EUR 14m contribution in terms of revenues); sound growth on a like-for-like basis (ca. 9% YoY); a reduction in margins due to the higher incidence of international activities, which are characterised by lower margins vs. domestic ones. The net financial posit
Q3 2021 preview (results due on 15th November) - another sound quarter ahead
We expect Salcef to post another sound set of results in Q3 2021, driven by both organic growth and MandA. We expect revenues at ca. EUR 107m or +25% YoY, with about +10% YoY of organic growth and EUR 13m of contribution from Delta (consolidated since mid-September 2020) and Bahnbau Nord (consolidated since the end of May 2021); EBITDA at ca. EUR 24m or +16% YoY, with a margin of 22.5%, slightly down YoY due to the hig
Results were up considerably in H1 2021 YoY, above our expectations
Salcef posted a strong set of results in H1 2021 YoY, above our estimates: revenues were up by around 42% YoY, EBITDA +32%, EBIT +33%, adj. net profit +61%. The main drivers were: the perimeter change (ca. EUR 23m contribution in terms of revenues); sound growth on a like-for-like basis, ca. 15% YoY; a reduction in margins due to the higher incidence of international activities, which are characterised by lower margins vs. dome
Results were considerably up in Q1 2021 YoY, and above our expectations
Salcef posted a strong set of results in Q1 2021 YoY, above our estimates: revenues were up by around 38% YoY, EBITDA +24%, EBIT +19% and net profit +41%. The main drivers were: the consolidation of Delta, ca. EUR 8m contribution in terms of revenues; sound growth on a like-for-like basis, more than 20% YoY; a reduction in margins due to the higher incidence of international activities, which are characterised by lower marg
A leading vertically integrated player in the railway maintenance and renovation, electric traction, signalling and light civil works sector with considerable firepower to invest in MandA, Salcef is poised to ride the structural growth of the rail industry.
A structurally growing market supported by tailwinds
The global railway industry overall enjoyed sound growth over 2005-2019. This positive trend is expected to continue on the back of strong political support and expanding infrastructure i
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Today’s trading update for H1 22 highlights the difficult operating environment over the first six months of the year, particularly in Q1. Trading picked up in Q2 and is expected to continue to improve in H2 22, in part, due to the inherent seasonality of the business, but also due to some catch up in demand. Guidance is for FY22 post-tax profit to be in line with the consensus estimate of £32.2m, as a result Zeus reduces its estimate by 2.5% to £32.2m. Previous guidance of £3.0m potential impac
Companies: Strix Group PLC
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Companies: Crestchic PLC
Invinity has begun trading shares on the OTCQX Best Market in the USA. We see this as adding liquidity for North American investors and more generally increasing visibility for the company in key markets in North America.
Companies: Invinity Energy Systems PLC
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
Companies: UJO FAB HAT HZM SYM TRAC
The US Inflation Reduction Act of 2022 now has a chance of passing the Senate next week as it is being voted under the Reconciliation procedure which allows bills related to the budget to pass on a simple majority rather than the 60-vote majority required to overcome a filibuster. If the act does find its way onto the statue books it will bring US$369bn in clean energy tax credits, grants and other incentives. Much is directed to protecting clean energy manufacturing in the USA, but it is a wide
Companies: IES DRX ITM VLS
Dish of the day
No joiners today.
No leavers today.
What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months.
West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market.
Companies: FO 88E CHAR DEC EME GTC TRIN WEN
Companies: Staffline Group plc
Rolls Royce published mixed figures. Profitability was particularly low, pushing the net result back into the red zone. However, FCF generation was a positive surprise despite the rise in inventory. It has finally found an agreement to sell ITP Aero and will use the resulting cash to repay its only floating interest rate debt.
Companies: Rolls-Royce Holdings plc
Companies: Open Orphan Plc (ORPH:LON)Renold plc (RNO:LON)
Companies: Lok'nStore Group plc
Checkit has released an upbeat H1 trading update that shows ARR continues to build rapidly – up 48% y/y to £10.2m, and so represents another strong period, after +43% ARR growth in FY22. The successful rollout of prior year wins - most notably: Grifols - a multinational pharmaceutical (worth £2.7m/3yrs) has been a key contributor. Meanwhile, further benefitting, CKT has also continued to ink new deals, for instance – expanding its role with Center Parcs (announced in May) and as well, Octapharma
Companies: Checkit plc
Singer Capital Markets
Companies: Belvoir Group PLC (BLV:LON)SDI Group plc (SDI:LON)