Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CIMPOR-CIMENTOS DE PORTUGAL. We currently have 5 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
CIMPOR-CIMENTOS DE PORTUGAL
CIMPOR-CIMENTOS DE PORTUGAL
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced