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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%.
Growing in challenging markets
17 Nov 15
In Q3 15, revenues jumped 29.7% to €882m and gross profit improved 30.8% to €292.4m. The gross margin increased from 32.9% to 33.2%. EBITDA jumped 55.7% to €95.5m and the EBITDA margin improved from 7.4% to 9%. The EBIT margin rose from 6.1% to 7.9%. Services revenues increased 8.4% to €121.2m and wind turbine sales improved 33.9% to €760.8m. The company signed 1,007MW (+16%) in the third quarter alone. In the first nine months, revenues grew 30.4% to €2.53bn and MW sold rose +25.6% to 2,301MW. The increase was mainly driven by the wind turbine revenues which jumped 35.1% to €2.19bn. Service revenues only increased 6.8% to €345m. Revenues in Europe and China recovered and the strong growth momentum in India contributed to volume growth. The gross margin increased from 33.5% to 33.7% and the EBITDA margin from 9.9% to 11%. The order intake grew 31% to 2,841MW and the order backlog totalled 3,035MW representing an increase of 42%. The order backlog will cover the sales guidance for the current year which was upgraded from 2,800–3,100MW to 3,100MW.
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21 Oct 16
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.