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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%.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.