Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on YARA INTERNATIONAL ASA. We currently have 7 research reports from 1 professional analysts.
|11Nov16 07:00||GNW||Yara employee share purchase program|
|10Nov16 07:00||GNW||Yara share purchase for employee program|
|09Nov16 07:00||GNW||Yara share purchase for employee program|
|21Oct16 07:00||GNW||Yara reports strong deliveries but lower margins|
|19Oct16 07:00||GNW||Reminder: Program for the publication of Yara International ASA third quarter results 2016|
|30Sep16 07:00||GNW||Program for the publication of Yara International ASA third quarter results 2016|
|30Aug16 07:00||GNW||Yara management share purchases|
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YARA INTERNATIONAL ASA
YARA INTERNATIONAL ASA
Prices still weighing: our valuation has to go down
21 Jul 16
Yara released its H1 16 results. Sales were down 8.6% to NOK50,919m, EBITDA up 5.7% to NOK10,544m (and down 16.6% excluding special items, mainly the gain on the disposal of the CO2 business), operating income down 8.4% to NOK6,915m and net up 61% to NOK5,972m. Net debt amounted to NOK9,698m at the end of H1 vs NOK11,868m at year-end 2015 and NOK8,465m in Q1.
Q1 16: unchanged story
21 Apr 16
Sales reached NOK25,053m (-9.8%), EBITDA NOK5,055m (+5.4%), EBITDA excluding special items NOK5,050m (-12%), operating income NOK3,403m (-14.7%) and net income NOK2,800m (vs NOK729m). Note special items at the EBITDA level included last year the write-down of assets (Lifeco). The strong increase in net results is due to the sharp forex loss booked in Q1 15 (NOK1.8bn). Net debt at the end of Q1 16 reached NOK8,465m (vs NOK11.8bn at the end of FY15).
FY15 results confirm the difficult price situation
11 Feb 16
Yara reported FY15 results. Revenues reached NOK111,897m (+17.3%), EBITDA NOK21,361m (+30% and +14.3% excluding special items), operating income NOK14,104m(+368%) and net income NOK8,083m (+6%). Net debt at year-end 2015 reached NOK11,868m after the acquisition of the Pilbara minority interests. The dividend proposed will be NOK15 (vs NOK13). The group did not make a real outlook public, only stating that energy savings should amount to NOK900m and NOK1,050m in Q1 and Q2 16 respectively.
9m figures in line; pressure still on prices
21 Oct 15
Yara's 9m figures show sales up 24.7% to NOK86,176m, EBITDA up 51% to NOK17,857m, operating income up 76% to NOK13,149m and, finally, net income up 33% to NOK 7,649m. Net debt at the end of Q3 stood at NOK4,401m vs NOK10,471m in Q2, including the GrowHow disposal (net positive impact of NOK4,794m).
H1 15: nice results, only due to forex and energy, though
21 Jul 15
Yara released H1 15 results showing a +23.7% increase in sales to NOK55,697m, a +27.6% and +47.4% increase in EBITDA and operating income respectively (NOK9,973m and NOK7,546m) while net profit was actually down 11.2% to NOK3,646m after non-controlling interests. Net debt at the end of H1 15 stood at NOK10,471m (NOK8,985m last year).
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
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.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.