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Research Tree offers CIMPOR-CIMENTOS DE PORTUGAL research coverage from 1 professional analysts, and we have 5 reports on our platform.
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Poor performance on the back of currency depreciations
01 Jun 16
Key information: • Currency depreciations had a strong negative impact. • Cement and clinker volumes decreased by 11%. • Sales decreased by 29%. • EBITDA down by 35%. • Net profit at €-41m vs €-17m in Q1 15. • FCF negative as usual in Q1 but improved compared to Q1 15.
Poor results as expected
25 Feb 16
h1. Key information: • Cimpor was hit by the economic downturn in LatAm, especially in Brazil and by unfavourable exchange rate movements. • Sales down by 4.3% to €2.5bn. • Cement & clinker volumes sold reached 28mt, namely a 6.1% decrease. • Average cement prices increased by 6.2%. • EBITDA decreased by 18.6% to €526m. • EBITDA margin remained in the high range of the sector, namely at 21.1%. • Closing of operations at under-utilised plants. • Sale of non-core assets in Brazil. • Cimpor’s shift to export to use its overcapacity is paying off: Cimpor is the fifth biggest global trader of cement & clinker. • Net debt reduced by €366m.
Liberal shift in Argentina
23 Nov 15
Key information: • Centre-right candidate Mauricio Macri is poised to become Argentina's next President. • Liberal shift in Argentina could boost domestic economy. • A shift from Brazil to Argentina occurred between 2013 and 2015. • Argentina (& Paraguay) is now the biggest contributor to Cimpor’s operating results (42%). • Cimpor is a good vehicle to bet on a strengthening of the Argentine economy.
Precarious free cash flow generation
20 Nov 15
Key information: • Sales down 1.2% to €1,928m, volumes down by 7.2%, prices up 6.6% over 9m15. • EBITDA decreased by 14.2% over 9m15. • EBITDA margin at 20.5% over 9m15 versus 23.6% over 9m14. • Net debt down by 9.4% compared to Q3 14. • Contraction of the Brazilian market partly offset by Argentine contribution.
Brazil: lion's share of the disappointment
19 Aug 15
Key information: • Sales increased by 4.8% to €1.3bn in H1 15. • Cement and clinker volume sold decreased by 5.7%. • EBITDA of €279.2m, down 3% compared to H1 14. • EBITDA margin of 21.4% in H1 15 down from 23.2% in H1 14. • Net income at €-12.8m in H1 15 vs €2.2m in H1 14. • Net income at €7m in Q2 15 vs €-19.8m in Q1 15 and €11.7m in Q2 14. • Net debt of €3.45bn.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.