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%.
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.
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.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
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.