Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GAMESA CORP TECNOLOGICA SA. We currently have 8 research reports from 1 professional analysts.
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GAMESA CORP TECNOLOGICA SA
GAMESA CORP TECNOLOGICA SA
Strong third quarter, guidance increased
16 Nov 16
The company reported solid Q3 16 results. Revenues jumped 30.1% to €1.14bn and MWe sold rose 31% from 819MW to 1,076MW. The order intake increased 8% to 1,090MW and profited from a strong contribution of a new generation of products. EBITDA jumped 53.6% to €146.7m. The EBITDA margin improved from 10.8% to 12.8%. EBIT also jumped by 58.2% to €110.5m and the EBIT margin improved from 7.9% to 9.6%. Revenues of the WTG division jumped 35.7%, whereas service revenues declined 5.1% to €115m. The service EBIT margin improved from 9.3% to 10.4% and contributed 10.9% to total EBIT. The EBIT of the WTG division jumped 51.6% to €98.5m due to high capacity utilisation rates. The EBIT margin increased from 7.7% to 9.5%. In the first nine months, revenues grew 31.8% to €3.34bn and order intake 16.2% to 3,301MW. The order backlog increased 7% to 3,242MW at the end of September and order intake 16.2% to 3,301MW. EBITDA jumped 54.9% to €431.7m. The EBITDA margin increased from 11% to 12.9%.
With strong tailwinds into the merger
29 Jul 16
In Q2 16, total revenues increased 35.8% to €1.13bn and EBIT jumped 60.8% to €112.4m. The EBIT margin increased from 8.4% to 10%. Net profit increased 73.7% to €66m. Order intake rose 16% to 1,180MW and the order backlog increased 13.4% to 3,228MW, exceeding the 100% coverage of the guidance for volume of 3,800MW in 2016. The company sold 1,119MW (+45.5% in Q2 16. Service revenues grew 3.2% to €120m and EBIT increased 10.8% to €17m. The EBIT margin of the service business improved from 13.2% to 14.2%. Currently, the fleet under maintenance grew by 8.8% to 22,436MW. The company reported strong revenue and operating earnings growth in Q2 16. Nearly all regions contributed to revenue growth. Even the Chinese market recovered in Q2 16 (+17.7%). The 48% decline in H1 in China was mainly related to lower demand from financial customers and industrial developers.
Complements for the complementary merger – Buy Gamesa
19 Jun 16
Siemens and Gamesa will at last be merging their highly complementary wind businesses. Siemens will own a stake of 59% in the company and Gamesa 41% of which Iberdrola will own 8% (dilution effect) of the new company compared to 19.7% previously. Siemens will pay a dividend of €3.75 per share (total payment in cash of €1.05bn) to each Gamesa shareholder. The combined company will be domiciled and locate its global headquarters in Spain. Gamesa will remain listed and Siemens will fully consolidate the company. The closure of the merger is expected in Q1`17. The transaction is subject to the approval of Gamesa shareholders (AGM 22nd, June), mandatory tender offer exemption and the approval of the antitrust authorities. Areva has waived the existing offshore exclusivity with Gamesa. Gamesa granted Areva a put option for Areva`s stake and a call option for Gamesa`s stake in Adwen. The put/call option will expire within three months of 17th June 2016. Areva is also allowed to seek alternatives for its stake in Adwen.
Strong start into 2016
06 May 16
Gamesa reported strong Q1 16 results. Revenues increased 29.7% to €1.06bn. Order intake in MW grew 26% to 1,031MW and the order backlog increased 21.7% to 3,167MW. The order intake was driven by strong demand from developing markets such as India, Latin America and China. Also the US market contributed to growth. The total fleet under maintenance increased 5.5% to 22,335MW. The gross margin improved from 34.1% to 34.2%. EBIT adjusted (excluding Adwen impact) jumped 79.7% to €117.6m. The EBIT margin improved from 8% to 11.1%. Net profit increased 21.2% from €59.3m to €71.8m.
07 Mar 16
In 2015 ending in December, revenues increased 23.1% to €3.5bn. The company sold 3,180MW (+21.3%) and order intake rose 17.1% to 3,883MW. The order backlog improved 19.2% to 3,901MW and the book-to-bill ratio reached 1.22x compared to 1.31x in 2014. Real EBITDA grew 41.6% to €386.8m and the EBITDA margin improved from 9.6% to 11%. Real EBIT jumped 60.5% to €290.8m and the EBIT margin improved from 6.4% to 8.3%. According to the company, underlying EBIT pre-Adwen reached €294m (+54.1%). The Adwen joint venture with Areva for offshore wind mills contributed €29.2m positively to EBIT but €5m negatively to net profits. Turbine revenues increased 25.8% to €3.03bn and EBIT jumped 81% to €227.7m. The EBIT margin increased from 5.2% to 7.5%, mainly driven by high capacity utilisation rates. Service revenues increased 8.3% to €471m and EBIT improved 14% to €63.1m. The EBIT margin increased from 12.7% to 13.4%. Total MW under operation and maintenance grew only 1% to 20,973MW or 60.9% of installed capacity (66.5% in 2014). Total market share of worldwide installed capacity declined from 5.6% to 4.8%. The company also reported strong Q4 15 results. Revenues increase 7.4% to €971m and installations by 11.2% to 880MW. Service revenues grew 11.7% to €126m and the service margin reached 18.6%. The EBIT margin of the wind turbine division improved from 4.9% to 7.3%.
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)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.