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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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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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.