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.
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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.
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.