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 6 research reports from 1 professional analysts.
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Research reports on
CIMPOR-CIMENTOS DE PORTUGAL
CIMPOR-CIMENTOS DE PORTUGAL
Cimpor is clearly a case of a distressed company
15 Mar 17
Key information: • Revenue decreased by 26%. • EBITDA decreased by 33%. • Net profit attributable to shareholders at €-788m vs €-71m in 2015. • Impairments amounted to €584m in the Brazilian division. • FCFE is deeply negative at €-193m, meaning the firm is in a distressed situation. • Equity is now negative at €-409m. • Cash & cash equivalents at €576m, meaning that the firm can hold almost three years at the current burn rate. • Current loans amount to €1,063m, meaning that there will be a refinancing issue in 2017, at the bottom of the Brazilian cement industry cycle.
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 tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.